items of financial statements

answered on 25-Sep-23 10:27

can the audit procedures , we write in exams vary from what is given in icai book?? will I get marks ?

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thank u

Reetikaa R

CA Final

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2

475

Mock test

answered on 23-Sep-23 09:11

Is Indigo learn release mock test for ca inter nov 2023?

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Got it and thank you sir

Laxmi Devi Suresh

CA Final

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2

536

Sec47 transactions not regarded as transfer

answered on 24-Sep-23 19:09

Exception is ESOP that If ESOP is gifted or transferred then capital gain will be applicable .. Will sweat equity shares also come under this exception along with ESOP?

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Hope the query is resolved

Samridhi Sareen

CA Inter

★ 830

13

696

Analysis in law

answered on 23-Sep-23 09:23

Is that writing analysis or definition..which are standard to write in exam

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Definition and analysis, both is good to write in exam. But ya that completely depends on the qn.

Sonia

CA Foundation

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1

419

Difference

answered on 23-Sep-23 10:18

Is there any difference between public ltd company and public sector company or both are same ?

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🧐

Sri ram Pothineni

CA Inter

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541

Updated photo and signature a day later

answered on 22-Sep-23 21:38

I've received the message as attachment below on 18 th of September to update signature and photo within 21st sep, but I updated only today(22nd sep)... is it a problem? What should I do?

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Ok sir! Thanks

Yamuna S

CA Inter

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2

556

Case studies

answered on 24-Sep-23 19:09

22.Mr. Zukaro, aged 42 years, a Singapore citizen, visits India for business purpose on a regular basis. He was in india for the first time in the year 2017-18 for 270 days, in the year 2018-19 for 190 days, in the year 2019-20 for 145 days and in the year 2020-21 for 155 days. In the current financial year 2021-22, he along with his family had come to india on 10th August, 2021 for a pleasure trip. His family returned to Singapore on 31st August, 2021, however he stayed back to complete some business commitments and then returned to Singapore on 17th November, 2021. Mr Zukaro owns a manufacturing unit in Singapore. He basically comes to India for procurement of raw material. He has appointed Mr. Manish, as a dependent agent in Mumbai, who procures raw material from India and then exports it to Singapore to his manufacturing unit and then sells the finished product there. An income of 8,75,000 was received in Singapore out of this activity in the P.Y. 2021-22. He had purchased a residential property for 17,50,000 in Indore in April 2018. On getting an attractive deal in November, 2021, he sold the property for 26,25,000, He brokerage @2% on sales consideration. Mr. Zukaro had also purchased an agricultural land in India and leased it out to a tenant. The tenant shares a portion of his agricultural income with Mr. Zukaro as a consideration for rent of land every year. The share in the income from the land for the previous year 2021-22 was ₹ 6,50,000. Cost inflation index (Ci) for the Financial Year (FX) 2018-19 280, F7 2021-22-357 Based on the facts of the case scenario given above, chome the most appropriate answer to the following questions 22.1. What is the Residential Status of Mr. Zukaro for the assessment year 2022-23. A Resident and ordinarily resident B Non-resident (C) Resident but not ordinarily resident (d) Deemed resident but not ordinarily resident 22.2. Assume for the purpose of answering this question only, that Mr. Zukaro is a non-resident in India for the PY. 2021-22, would income of ₹ 8,75,000 earned though activity of procuring raw material for manufacturing unit in Singapore be taxatile in India? (a) yes, since it is deemed to accrue or arise in india through a business connection in India B No, as it is confined to purchase of goods in India for further export and hence not an income deemed to accrue or arise in India (c) Yes, as business is controlled from India (d) No, as income is received outside India 22.3. Would income arising from transfer of residential property in Indore is chargeable to tax in India in the hands of Mr. Zukaro? If yes, compute the amount of capital gains chargeable to tax. (a) Yes, long term capital gain of 5,91,250 is chargeable to tax, since income is deemed to accrue or arise in India and hence taxatile in his hands though he is nonresident in India (b) Yes, long term capital gain of Yes, long term capital gain of 6,43,750 is chargeable to tav, since he is resident in India C. YES LTCG of 5,91,250 is chargeable to tax, since he is resident in India (d) Yes, long term capital gain of 6,43,750 is chargeable to tax, since income is deemed to accrue or arise in India and hence taxable in his hands though he is nonresident in India Would income earned from agricultural tand given on lease is taxable in the hands of Mr. Zukaro? La No, such income is exempt, since it is agricultural income (b) Yes, such income is taxable as income from house property, since land is given on lease (c) Yes, such income is taxable as income from other sources, since land is given on lease (d) Yes, such income is taxable since he is non-resident even though it is an agricultural income. 22.5. What is the tax liability of Mr. Zukaro for A.X. 2022-23 assuming he does not opt to pay tax under section115BAC? (a) 2,13,980 (b) ₹4,03,780 (c) ₹2,95,750 d 3,07,580

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Kindly solve and get back. Would respond whether right or not

Shruti Ganpati

CA Inter

★ 255

1

834

Case studies

answered on 24-Sep-23 19:10

21. X wanted to file his return of income for the previous year 2021-22. He required assistance for which he has approached you. He has shared the following details relevant to the Rr. 2021-22. Mr. X owned a house property in Mumbai and the same was rented out for 70,000 pum. He claims that this was the only income which he earned during the PY. 2021-22. However, when you had sought for his bank statement, you observed the following information additionally There is a credit for 23,975 towards income-tax refund which includes 5,775 towards interest on income-tax refund. On 15th August, 2021, the bank statement showed a credit of ₹ 55,000 which he claimed to have received as a gift from his grandchildren on his 60th birthday. On further assessment you were able to understand that Mr. X and his wife had travelled to Australia during the PY 2021-22 to spend some time with their daughter, who is staying in Australia, since her marriage. On scrutiny of their passport and relevant documents you conclude that they had left India on 27th September, 2021 and retuned on 30th March, 2022. During the 4 years preceding previous year 2021-22, both had stayed in India for 320 days. Prior to that, they had been staying only in India Based on the facts of the case scenario given above, choose the most appropriate answer to the following questions: 21.1. What is the residential status of Mr. X for the P.Y. 2021-227 Resident and ordinarily resident(b) Resident but not ordinarily resident (c) Non-resident (d) Deemed resident but not ordinarily resident 21.2.Mr. X requests you to compute his tax liability for the AX 2022-23 in a manner such that his tax liability is minimum.Accordingly, his tas liability would be (b) 29,910(c) ₹32,510(d) 20,150 a.22,750 21.3. in continuation to question 21.2, what would be tax liability of Mr. X for the A.Y. 2022-23, if he had paid 1,00,000 towards life insurance premium for self? (a) 20,150 (b) 29,910 (c) ₹10,400 d.NIL 21.4. Mr. X had given the house property at Mumbai on rent to Mr. Y, a salaried employee. Is there any requirement to deduct tax at source on such rent by Mr. Y, if yes, what would be the amount of TDS to be deducted? (a) No, there is no requirement to deduct tax at source, since Mr. Y is a salaried employee (b) Yes, Mr. Y is required to deduct tax at source of ₹ 42,000 (c) Yes, Mr. Y is required to deduct tax at source of 31,500 (d) No, there is no requirement to deduct tax at source, since Mr. X is a non-resident 21.5 Which of the following statements is correct with respect to advance tax frability of Mr. X for PY. 2021- 227 (a) Advance tax liability shall not arise to Mr. X since he is a non-resident (b) Advance tax liability shall not arise, since Mr. X is a resident senior citizen and he has no incomechargeable under the head "Profits and gains of business or profession (c) Advance tax liability shall arise, since he is a non-resident (d) Advance tax liability shall arise, since his tax liability is not less than 10,000

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Shruti Ganpati

CA Inter

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2K+

Case studies

answered on 24-Sep-23 19:12

21. which he has approached you. He has shared the following details relevant to the PY. 2021-22 Mr. X owned a property in Mumbai and the same was rented out for 70,000 p.m. He claims that this was the only income which he earned during the PY. 2021-22. However, when you had sought for his bank statement, you observed the following information additionally. There is a credit for 23,975 towards income-tax refund which includes 5,775 towards interest on income-tax refund. On 15th August, 2021, the bank statement showed a credit of 55,000 which he claimed to have received as a gift from his grandchildren on his 60th birthday. On further assessment you were able to understand that Mr. X and his wife had travelled to Australia during the PY. 2021-22 to spend some time with their daughter, who is staying in Australia, since her marriage. On scrutiny of their passport and relevant documents you conclude that they had left India on 27th September, 2021 and retuned on 30th March, 2022. During the 4 years preceding previous year 2021-22, both had stayed in India for 320 days. Prior to that, they had been staying only in India. Based on the facts of the case scenario given above, choose the most appropriate answer to the following questions: 21.1. What is the residential status of Mr. X for the PY. 2021-227 (a) Resident and ordinarily resident (b) Resident but not ordinarily resident (c) Non-resident (d) Deemed resident but not ordinarily resident 21.2. Mr. X requests you to compute his tax liability for the A.Y. 2022-23 in a manner such that his tax liability is minimum. CA Intermediate | Case Study Based MCQs Compiler 21. which he has approached you. He has shared the following details relevant to the PY. 2021-22 Mr. X owned a property in Mumbai and the same was rented out for 70,000 p.m. He claims that this was the only income which he earned during the PY. 2021-22. However, when you had sought for his bank statement, you observed the following information additionally. There is a credit for 23,975 towards income-tax refund which includes 5,775 towards interest on income-tax refund. On 15th August, 2021, the bank statement showed a credit of 55,000 which he claimed to have received as a gift from his grandchildren on his 60th birthday. On further assessment you were able to understand that Mr. X and his wife had travelled to Australia during the PY. 2021-22 to spend some time with their daughter, who is staying in Australia, since her marriage. On scrutiny of their passport and relevant documents you conclude that they had left India on 27th September, 2021 and retuned on 30th March, 2022. During the 4 years preceding previous year 2021-22, both had stayed in India for 320 days. Prior to that, they had been staying only in India. Based on the facts of the case scenario given above, choose the most appropriate answer to the following questions: 21.1. What is the residential status of Mr. X for the PY. 2021-227 (a) Resident and ordinarily resident (b) Resident but not ordinarily resident (c) Non-resident (d) Deemed resident but not ordinarily resident 21.2. Mr. X requests you to compute his tax liability for the A.Y. 2022-23 in a manner such that his tax liability is minimum.Accordingly, his tay lability would be (c) ₹32,510 (b) 29.910 (d) 20,150 22,750 21.1. in continuation to question 21.2, what would be tax liability of Mr. X for the At 2022-23, if towards life imurance premium for self? (b) 29,910 (c) 10,400 he had paid (a) ₹20150 21.4. Mr. X had given the house property at Mumbai on rent to Mr. Y, a salaried employee. Is there requirement to deduct tax at source on such rent by Mr. Y, if yes, what would be the amount of TDS to any deducted? (a) Na, there is no requirement to deduct tas at source, since Mr. Y is a salaried employee Tes Mc Y is required to deduct tax at of ₹ 42,000 (c) Yes, Mc Y is required to deduct tax at source of 31,500 (d) No, there is no requirement to deduct tax at source, since Mr. X is a non-resident 21.5. Which of the following statements is correct with respect to advance tax liability of Mc X for PY. 2021- 227 (a) Advance tax liability shall not arise to Mr. X since he is a non-resident (b) Advance tax liability shall not arise, since Mr. X is a resident senior citizen and he has no income chargeable under the head "Profits and gains of business or profession (c) Advance tax liability shall arise, since he is a non-resident (d) Advance tax liability shall arise, unce his tax liability is not less than 10,000

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Kindly solve and share. Would reply whether right or not.

Shruti Ganpati

CA Inter

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693

Tvm

answered on 23-Sep-23 10:14

What is n??.. Idk how to. Solve this

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Without n how will find the solution - wrong question

Taniya Thakur

CA Foundation

★ 1K+

1

564