RAMA’s Anubhav December 20181

RAMA’SANUBHAVDecember 2018

RAMA’s Anubhav December 2018

1. Editorial……………………………..…..…………………………………………………….………..03Mr. Anuj Agrawal

2. Notification on NFRA Rules, 2018…………………………….…………..……….04Mr. Shyam Makwana

3. Transition from C/AL to AL - From a developer's point of view.…..05Mr. Dinesh Mali

5. Importance Of Exercise In Life…………………………………………………….……….…08Mr. Dharmendra Sathwara

6. Stop Thinking And Start Doing: The Power Of Practicing More...…………..09Mr. Vivek Shah

Priya Mishra– Editor, Communicator/ Nammika Giddi - Creative & Art work

8. Moments To Celebrate….………………….……………………………..…………………..… 13Ms. Anjali Singh

INDEX

4. GST Annual Return ………………………………………………..………………..…..…..…07Mr. Archit Garg

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7. Special Article.…………………………………………..…………….…………………...…...12 Mr. Callistus Dabre

RAMA’s Anubhav December 2018

Editorial

My Dear Friends,

It is a pleasure to put down mypen in Anubhav.Though it's time to bid Goodbyeto 2018. Certainly, this was anexciting third year of our firmand recently, our office shiftedto a new location on theauspicious occasion of Diwali.I firmly believe that the past cannever be a waste which leavesus with so many unwelcomemistakes, witty experiences andnew learnings.Time and experience can beexcellent teachers when youactually learn a lesson from yourpoor decisions. Experiencecomes from our way of living,understanding and theadjustments we make.“Good judgment comes fromexperience and experiencecomes from poor judgment.”

We need to learn from ourmistakes so that we do not runthe risk of repeating them. Wemust develop the wisdom andsense to make good decisionsand choices. Good judgment willonly develop if you truly learnfrom your mistakes.Unfortunately, for many people,it takes a few repeats of thesame mistake to learn thelesson.

Good or bad, experiences arewhat help us learn lessons andform a better sense ofjudgment. Bad judgmentseems to stick with us longer asa lesson learned because wereally do not want to keeprepeating it. Wisdom is theknowledge you can gain frommaking mistakes.“Well, we all make mistakes,so just put it behind you. Weshould regret our mistakesand learn from them, butnever carry them forward intothe future with us.”

I also wish all the articlestudents / employees whohave craved leave for theirmuch awaited and thrilling C.A.Final examination to taste thejoy of success in their futureendeavours and grab thebiggest satisfactoryachievement of life.

We, at RAMA, are alsomindful of the fact thatchange is inevitable andshould be made as per thedemand of a situation. You allwould have observed this inrecent times in as much as allthe partners have collectivelyfocused to make RAMA agreat place to work, learn,share and grow with one andall.

Lastly, before departing, Iwould like to share this Quoteby Mr. Robert H. Schullerwhich may prove a lifechanger to all of us:THE ONLY PLACE WHEREYOUR DREAM BECOMESIMPOSSIBLE IS IN YOUR OWNTHINKING

Closing the talk, wishing u alla Merry Christmas and aHappy New Year

Anuj Agrawal3

RAMA’s Anubhav December 2018

Notification on NFRA Rules, 2018

The Ministry of Corporate

Affairs (MCA) vide itsnotification dated November 13,2018, has notified NationalFinancial Reporting Authority(NFRA) Rules, 2018, determiningthe jurisdiction, function andduties of the NFRA, as also itspowers. Summary on the sameis as below.Role of NFRA - NationalFinancial Reporting Authority(NFRA) is a body proposed inCompanies Act 2013 for theestablishment and enforcementof accounting and auditingstandards and oversight of thework of auditors.Companies covered underNFRA – Following Class ofCompanies are covered.All Listed Companies/ ListedBody Corporate;Unlisted Companies which have- Paid up Capital is Rs. 500 Cr. ormore; OR Turnover is Rs. 1000Cr. or more; OR AGGREGATE ofOutstanding Loan, Debenturesand Deposit is 500 Cr. or more.Above Limits shall be check onas on the 31st March ofimmediately preceding financialyear; All Banks/ Insurance/Electricity Companies; AnyCompany or Person (Auditor),on a reference made to theAuthority by the CentralGovernment in public interest;

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Foreign Subsidiary/Associatecompany of Any Indian companyas mentioned in above 4 points ifIncome/Net worth of such ForeignSubsidiary/Associate companyexceeds 20% of consolidatedIncome/Net worth of above-mentioned Indian companies.Duties of Companies Coveredunder Provisions of NFRA:Every existing body corporateother than a company governedby these rules, shall inform theAuthority within thirty days of thecommencement of these rules, inForm NFRA-1, the particulars ofthe auditor as on the date ofcommencement of these rules.Once a Company falls under theabove limits under NFRA, will becovered by NFRA for 3 More yearsEVEN IF LIMITS ARE REDUCED/LISTED STATUS CHANGES LATERON. Every Body Corporate otherthan Company as defined u/s2(20) formed in India andgoverned under this rule shall,within fifteen days of

appointment of an auditorunder sub-section (1) ofsection 139, inform theAuthority in Form NFRA-1, theparticulars of the auditorappointed by such bodycorporate.Duty of Auditor - Every auditorreferred above shall file areturn with the Authority on orbefore 30th April every year insuch form as may be specifiedby the Central Government.Consequences of Non-Compliance - If a company orany officer of a company or anauditor or any other personcontravenes any of theprovisions of these rules, thecompany and every officer ofthe company who is in defaultor the auditor or such otherperson shall be punishable asper the provisions of section450 of the Act.Powers continuing with TheICAI - Proprietorship concerns,Firms, LLPs, Charitable Trust,AOP/BOI, Societies, etc. alongwith Private Companies andUnlisted Public Companies(Apart from that which arecovered as under rule) wouldstill be governed by ICAI andICAI would have the solediscretionary power to providerules and regulation for them.

- Shyam Makwana

RAMA’s Anubhav December 2018

Transition from C/AL to AL - From a developer's point of view

Business Central Online, the

latest offering in the MicrosoftDynamics 365 family hascompletely changed the way of‘Customization development’for any experienced NAVdeveloper. Coding language haschanged from C/AL to AL (i.e.AL-Extension V2.0) with thecustom code sitting as aseparate extension, not at allinterfering with the standardcode. The custom code nowgets deployed as an ‘app’ ontop of the standard code base.Business Central offers acontainer-based imageenvironment called ‘Docker’enabling access to both the ALdevelopment environment andthe C/SIDE developmentenvironment. Docker getsinstalled on a Windows OSmachine – creating theSandbox environment for adeveloper to work with.Sandbox is a non-productioninstance of Business Centralavailable for development andtesting.Some key differences betweendeveloping in C/AL and AL:AL Language (i.e. ExtensionV2.0) is directly linked with theVisual Studio codeenvironment as an extension –making all Visual studioplatform features available forextension development

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A Package containing all thecustom extensions gets createdincluding an app file. The appfile is further used forinstallation or deployment ofthe custom extensionsDevelopment has becomeflexible with the availability ofmany new variables (JsonArray,JsonObject etc).The limitations of Table sizehave been partially removed inAL extension developmentbecause the field addition inextension will be part of tableextension and not of the basetable.Various dot net classes as alibrary is directly available in ALas a datatype – resulting in noneed to call it from externalsources or with .NET variablereferencesWe can invite .NET typemembers, including methods,properties, and constructorsfrom AL code

Availability of Azure Functions -way of running simple pieces ofcode as a service and caninvoke like any other RESTfulweb servicesWe can maintain yourcustomizations with thesecurity features to allow ordisallow to show the codebaseIf any of your new projects aredependent on any otherproject i.e. package you canuse the dependencies featuresin the app.json and it will giveyou all relevant extension fileaccess from the sourcepackage.

RAMA’s Anubhav December 2018

AL Code:

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The development/creativity/integration horizon for a CAL developer has also expanded with AL –

enabling use of extensive development techniques/features in terms of huge language support,

IntelliSense, Peek Information etc.

-Dinesh Mali

Transition from C/AL to AL - From a developer's point of view

RAMA’s Anubhav December 2018

GST Annual Return

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As per section 44(1) of the

CGST Act, 2018, everyregistered person, otherthan an Input ServiceDistributor, a person payingtax under section 51 orsection 52, a casual taxableperson and a non-residenttaxable person, shall furnishan annual return for everyfinancial year electronicallyin such form and manner asmay be prescribed on orbefore the 31st day ofDecember following the endof such financial year.

Types of Annual Return:

Every registered person whose

aggregate turnover during a

financial year exceeds two

crore rupees shall get his

accounts audited by

• Chartered Accountant or

• A Cost Accountant

and shall submit a copy of the

audited annual accounts along

with a reconciliation

statement (reconciling the

value of supplies declared in

return with audited annual

financial statements) in Form

GSTR-9C.

- Archit Garg

Quantum of late fee: –

❖ Rs 100 for every day

during which failure

continues in each CGST

and SGST and not in IGST.

OR

❖ 0.25% of the turnover of

registered person in

state, whichever is lower.

GST Audit:

According to Section 35(5) of

the CGST Act, 2017:

Due Date for filing Annual

Return:

GSTR 9 shall be filed on or

before 31st December of the

subsequent financial year.

Late Fee for filing Annual

Return:

Any Registered person who

fails to furnish the annual

return by the due date shall

be liable to pay a late fee.

RAMA’s Anubhav December 2018

Importance Of Exercise In Life

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What is Exercise?Exercise refers to the physicalactivity and mental exertion,carried out to maintain physicalhealth and mental fitness. Thebenefits of exercise can be seenin everybody’s life.2) Various types of exercisesand their benefitsThere are different kinds ofexercise suited to differentconstitutions. The forms ofexercise that are almost alwaysrecommended nowadays are:Morning walk is the first ismore common and is suited toalmost all constitutions.Gymnastic exercises are bestgone through under theguidance of an experiencedteacher. To weak constitutions,gymnastics may be positivelyinjurious.Free-hand exercises can beeasily practiced by all.Yoga helps us to control bothmind and body.Good health: It is impossiblefor one to keep good healthwithout proper exercise.Prevention is better than cure;and the best means of guardingagainst disease is exercise. Onewho is weak in health oftenfalls an easy prey to diseases.Fit for outdoor work: A man,without taking exercise, mayfortunately, escape disease, but

he keeps indifferent health, andis hardly fit for active outdoorwork.Alert Brain andmemory: Young boys and girlsreading in schools or collegesand enjoy good health bytaking out some-time forexercises. They should takesufficient exercise to counteractthe effects of excessive brain-work, often in small and ill-ventilated rooms. Diabetes,which is a common diseasewith educated men in ourcountry, is due to excessivebrain-work coupled withneglect of exercise.Vigor and energy: For thevictims of indigestion ordyspepsia, exercise is a greattonic. If they take a regularcourse of exercise even for amonth, they will find most oftheir ailments gone, and theirbody and mind will regain vigorand energy.Physical strength: A strong andmanly stature is the outcome ofyears of exercise. If exercise isregularly taken, every bodilyorgan function properly, givingrise to a feeling of joy andcheerfulness. It is a proven factthat through regular physicalexercise one can attainimmense physical strength.

ConclusionBoth mental development andphysical exercise is necessaryfor success in life. Exercise isessential for having a soundmind in a sound body. Ourlimbs grow stronger byconstant physical work. Weshould also train ourselves inseveral kinds of gymnasticexercises. However, taking outsome time to rest is asimportant as exercise. Over-exertion weakens the organs.Thus, you should aim atmaintaining a balance betweenwork, rest and exercise.

- Dharmendra Sathwara

RAMA’s Anubhav December 2018

• We all have goals that wewant to achieve in our lives.These goals may includelearning a new language,eating healthier and losingweight, saving more money,and so on.• It can be easy to assume thatthe gap between where youare now and where you wantto be in the future is caused bya lack of knowledge. This iswhy we buy courses on how tostart a business or how to loseweight fast or how to learn anew language in three months.We assume that if we knewabout a better strategy, thenwe would get better results.We believe that a new resultrequires new knowledge.• What I’m starting to realize,however, is that newknowledge does notnecessarily drive new results.In fact, learning somethingnew can actually be a waste oftime if your goal is to makeprogress and not simply gainadditional knowledge.

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• It all comes down to thedifference between learningand practicing.THE DIFFERENCE BETWEENLEARNING AND PRACTICINGLearning something new and

practicing something new mayseem very similar, but thesetwo methods can haveprofoundly different results.Here are some additional waysto think about the difference.• Let's say your goal is to getstronger and more fit -You canresearch the best instructionson various technique, but theonly way to build strength is topractice lifting weights.• Let's say your goal is to growyour start-up. You can learnabout the best way to make asales pitch, but the only way toactually land customers is topractice making sales calls.• Let's say your goal is to writea book-You can talk to a best-selling author about writing,but the only way to become abetter writer is to practicepublishing consistently.Practice Is Learning, ButLearning Is not PracticePractice is the only way tomake a meaningfulcontribution with yourknowledge. You can watch anonline course about how tobuild a business or read anarticle about a terrible disaster

Stop Thinking And Start Doing: The Power Of Practicing More

in a developing nation, but thatknowledge is unproductiveunless you actually launch yourbusiness or donate to those inneed. Learning by itself can bevaluable for you, but if youwant to be valuable to others,then you have to express yourknowledge in some way.

Practice Focuses Your Energyon the Process"There are risks and costs to aprogram of action. But they arefar less than the long-rangerisks and costs of comfortableinaction."THE BOTTOM LINE• The main point of this articleis that learning by itself doesnot lead to progress. We oftenhide behind information anduse learning as an excuse todelay the more difficult andmoreimportant choice of actuallydoing something. Stop thinkingand start doing!

-Vivek Shah

RAMA’s Anubhav December 2018

Michael Jordan once remarked“Talent wins games but teamwork &intelligence wins Championships”.The same is true in business.In spite of his unparalleled athleticism& skill, Jordan was unable to clinch achampionship title for his first sixseasons. In fact, it was not until thebulls began building a championshipteam with key acquisitions that theychallenged for the title. So, theleaders need to design & developteams of competent members whobuy into the spirit of team and shareits values.

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Special Article

In sports like football & basketball when itcomes to winning championships, its notalways the team full of superstars thatwins the trophy, it’s the one that worksbest together as a team.Top rankers & brilliant minds will alwayscommand the best position & bestPayScale “but to be most effective eventhey need the help of those with skillsthey don’t have”.It’s always good to have experienced &brilliant minds leading you but the realkey to success is teamwork &collaboration. Through them you makemost of all the talent available to you.

-Callistus Dabre

RAMA’s Anubhav December 2018

Moments to Celebrate

Ms. Shruti Ghadigaonkar- 09th Dec

Mr. Callistus Dabre- 12th Dec

Ms. Nammika Giddi- 12th Dec

Mr. Shailender Parmar- 15th Dec

Ms. Priya Mishra- 16th Dec

Mr. Syed Anees Ahmed- 21st Dec

Mr. Dhruv Desai- 30th Dec

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Mr. Tanmay Parab

Mr. Girish More

Ms. Roshni Pandey

RAMA’s Anubhav December 2018

Thank You

and

Goodbye

Until Next Time

Mumbai: Unit 401, Hub Town Viva,

Jogeshwari East, Shankarwadi

Mumbai - 400060

Contact: +91 22 6223 1063

Dubai: M-01,Bank Street Building, Next to

Citibank,

Bur Dubai, P.O. Box: 120349, Dubai, UAE.

Ph: +971 4 354 5186 / +971 4 352 9466

www.facebook.com/ramaitllp/ www.linkedin.com/company/ram-agarwal-&-associates-chartered-accountants

Visit us at: www.rama.co.in / www.ramaerp.in

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