Forums
Exemption
Direct Taxation
answered on 24-Feb-23 11:18
Sir I didn’t find any notes of 10(8),10(12)
latest answer
10(12) - PF related - covered in salaries. 10(8) - Not much relevant at CA Inter.
Sugam SM
CA Final
★ 9K+
1
482
Set off of losses
Direct Taxation
answered on 24-Feb-23 12:29
Can’t pgbp lossbe set off against any head of income other than salaries? Then why in this q they haven’t set off70k loss with ifos?
latest answer
PGBP losses cannot be Set off against Income from Salaries. That Rs. 70000 loss cannot be set off against IFOS. Because it is a Brought forward loss from discontinued business. There is a rule that Brought forward loss can be set off only against INCOME FROM SAME HEAD only. So it should be carried forward to next year.
SANSKRITI BADRI 2111339
CA Final
★ 4K+
2
735
Life insurance premium
Direct Taxation
answered on 24-Feb-23 11:13
In case of an individual it is said it can be him/spouse/ any child. How child shall be interpreted? Child or children?
latest answer
Includes Adopted ,Step child of that individual
Sugam SM
CA Final
★ 9K+
2
492
Sharecapital & debentures-ESOP
Corporate & Other Laws
answered on 24-Feb-23 11:16
Can anyone explain this?
latest answer
This provision requires a one-year minimum waiting period between the grant of stock options and their vesting under an Employees stock option scheme. However, if an employee had already been holding stock options under an employees stock option scheme of another company before a merger or amalgamation with the first mentioned company, the period during which they held those options can be adjusted against the one-year minimum vesting period. This means they may not have to wait the full year before being able to exercise their options granted by the merged entity.
Kamal Kumar
CA Inter
★ 7K+
3
585
Departmental accounts
Accountancy
answered on 24-Feb-23 01:37
Illustration 7 why 1000 debit P&L a/c but in qn 2000 gvn and marked down 1260 not accounted why?
latest answer
Question 4 why 400 added and subtracted?
Kamal Kumar
CA Inter
★ 7K+
1
611
Provident fund
Direct Taxation
answered on 23-Feb-23 23:54
Why the employee contribution in provident fund is not taxable
latest answer
It is your own income investment. How investment would be taxable??
Snehashis Mohanty
CA Inter
★ 35
2
471
Provident fund
Direct Taxation
answered on 23-Feb-23 23:53
What is the difference between statutory provident fund, Recognised Provident fund and Un recognised provident fund with an example ?
latest answer
Statutory Provident Fund : set up under Providend Fund Act 1925 Recognised PF : Which is recognised by Commissioner of Income Tax Unrecognised PF : not recognised by CIT
Snehashis Mohanty
CA Inter
★ 35
1
449
Capital Gains
Direct Taxation
answered on 24-Feb-23 08:30
As per Sec 45(2), conversion of capital asset to stock in trade is taxed in the year when such stock in trade is sold.. But, in the given sum X sells the stock in trade on June 10, 2021..Then tax is payable on 2021-22. But, answer reveals that conversion will be chargeable to tax only on AY 2022-23! How is it soo? Pls clarify!
latest answer
Thnx
Pooja N
CA Inter
★ 2K+
3
582
Bonus Issue
Corporate & Other Laws
answered on 24-Feb-23 13:37
What is reason to Issue Bonus Shares to a Shareholder. The company neither gets Consideration for it and the Nominal Value of per share reduces. What is the logic?
latest answer
This might help https://youtu.be/OESBOKyK_Io?t=655
Rajasekaran Suresh
CA Inter
★ 495
4
480
Non Integrated cost accounting system
Costing
answered on 24-Feb-23 12:08
Greetings, For prepaid OHs it is said in course that we have to transfer the prepaid amount to GLA A/c but why cant we just have the same as a closing balance(debit balance) instead of transferring it. Kindly explain.
latest answer
Thanks a lot! In course it's transferred to a different account na that's why I had to confirm.
Aswin Chandar
CA Final
★ 40K+
6
643