Forums
Exemption
Indirect Taxation
answered on 19-Apr-23 12:30
Annual royalty Payable by lease holder to government is taxable under RCM or FCM? In case of assignment of right to mine or explore petroleum
latest answer
Thank you mam
SREEABITHA SENTHILKUMAR
CA Inter
★ 1K+
2
525
Debtors/ Receivables Calculation
Financial Management
answered on 20-Apr-23 20:14
In Chapter 10, FM, G-2, Book back problems like 4, 6,7 Debtors have been calculated after finding Cash cost of sales and then applied-- Cash cost of sales* debtors period / 360, but in some problem like before 4,6, 7 they had calculated Debtors value as Sales * Debtors period/360.. why such treatment in that such sums alone... Please tell me if anyone know.
latest answer
Haan sir thank you
Saravana Perumal
CA Final
★ 3K+
7
487
Sec 80JJAA
Direct Taxation
answered on 18-Apr-23 21:52
Please answer, Wheather deduction of 30% of Additional employee cost will allow in c y. Only or in next 2 yrs also. Im not asking for additional cost of subsequent yr please note.
latest answer
In next 2 yrs also The new employee's first 3 eligible years
Hiren Ghadiya
CA Inter
★ 1K+
1
412
Salaries
Direct Taxation
answered on 19-Apr-23 11:37
Why are MEDICAL EXPENSES REIMBURSED taxable in this problem
latest answer
Because there is no mention of prescribed disease treatment. It is assumed it is normal medical expenses
Kriti Iyer
CA Inter
★ 3K+
7
463
GST RETURN
Indirect Taxation
answered on 19-Apr-23 12:53
From Financial year 2023-2024,an registered dealer opted for composition scheme. Under which scheme March 2023 GST return has to be filed? Regular or Composition?
latest answer
Sir, Thank you
Chitra Surendiran
CA Final
★ 0
3
445
AS 1
Accountancy
answered on 30-Apr-23 10:57
Plss explain this answer
latest answer
As per AS-1, Entity should apply Accounting Polices which are prudent i.e where expenses are recognised even if uncertain. Also AS 1 required application of Accrual assumption where expenses are recognised on time/period basis not on payment basis. In the given case, XYZ ltd has ICDs whose repayment is delayed, as such Accrual concept specifies that Interest should be provided for delayed period of repayment. Since the rate is not certain entity should make best estimate of expected rate of Interest. Hence Accounting Polices for not providing interest on delayed payment is not correct.
Reetikaa R
CA Final
★ 7K+
5
449
Deduction
Direct Taxation
answered on 18-Apr-23 23:57
Sir can you please help me out with repeatedly asked deduction u/c Vi a ( appearing for May 23)
latest answer
Thank you. :)
Nitu Choudhary
CA Inter
★ 970
2
401
Capital structure arbitrage
Financial Management
answered on 20-Apr-23 18:47
Sir the two questions seems same one is icai module illu 9 and other mock april 2023 Q4....in 4th que ans they have purchased debt of levered company while in icai module they have lent money...what is to be done
latest answer
In both cases the method is the same. Just that the terminology in the latter is used as lending which Is nothing but buying the debt component.. it is advised to mention as “buying” only to avoid confusion
Gauri Shete
CA Final
★ 5K+
1
535
Stock of stationery and other consumables
Accountancy
answered on 20-Apr-23 12:27
What is the accounting treatment of huge stock of stationery and other consumables ( other than inventory)? Does it is recorded as assets in balance sheet or debited to p&l a/c even it is not consumed?
latest answer
Other assets.
Atharv Sankliya
CA Final
★ 3K+
4
570
forex
AFM
answered on 18-Apr-23 17:13
illustration 39 sub question i , sir why are we comparing estimated rate with current spot? anyway amount is receivable on 31st aug...so whats the point in comparing spot rate and estimate on 31st aug? comparison should be between estimate and forward arte quoted right?
latest answer
Because in one scenario we are comparing a scenario where no hedging is done - if hedging is not done forward rate is not relevant right?
nazriya nasar
CA Final
★ 7K+
1
519