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#15 Question for the day
Direct Taxation
answered on 22-Aug-22 10:44
Write the answer on paper and post the picture before 8 pm Mrs. Rohini, aged 62 years, was born and brought up in New Delhi. She got married in Russia in 1996 and settled there since then. Since her marriage, she visits India for 60 days each year during her summer break. The following are the details of her income for the current previous year : 1. Pension received from Russian Government Rs. 65,000 2. Long-term capital gain on sale of land at New Delhi (computed) Rs.3,00,000 3. Short-term capital gain on sale of shares of Indian listed companies in respect of which STT was paid both at the time of acquisition as well as at the time of sale (computed) Rs.60,000 4. Premium paid to Russian Life Insurance Corporation at Russia Rs.75,000 5. Rent received (equivalent to Annual Value) in respect of house property in New Delhi Rs.90,000 You are required to ascertain the residential status of Mrs. Rohini and compute her total income and tax liability in India
latest answer
Always write your assumptions clearly, if the question does not give full clarity
Sudha Reddy
CA Final
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28
2K+
Car facility
Direct Taxation
answered on 19-Aug-22 10:14
Car is owned by the employer & the maintenance is met by the employee. Car is used for Official as well as personal purposes. In this case, can the amount recovered from the employee be taken as deduction?
latest answer
Thank you mam
Girinath A
CA Inter
★ 765
6
492
ROE
Financial Management
answered on 19-Aug-22 07:59
Can anyone plz explain me this formula in easier way or also tell me from where it is given in material
latest answer
This is derived from Du pont formula - explained in class
Rick Y
CA Final
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1
490
National conference in Chennai by ICAI
Others
answered on 20-Aug-22 22:51
Anyone who wishes to attend can do.
latest answer
Ok
Shankari C
CA Inter
★ 12K+
4
750
44AD - Presumptive Basis of Taxation
Direct Taxation
answered on 19-Aug-22 10:44
As per the image below , Audit u/s 44AB(e) is applicable only for 44AD(4) and not for 44AD(1). While 44AD(4) only mentions about the existing assessees who have opted for the presumptive basis and not for the assessees who are first time opting the presumptive basis. So if the assessee has not opted for the presumptive basis u/s 44AD in any of the previous years, then does that mean, he is not liable to Audit u/s 44AB(e) ?
latest answer
Thank you Sir. Kindly ignore this question which was posted separately in the forums
Avasarala Vivek Aditya
CA Inter
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4
608
Preparation
Others
answered on 23-Aug-22 10:33
Is it enough to complete costing and accounting within one month in one go and by single revision
latest answer
Possible...all the best
Mohanraj S
CA Inter
★ 3K+
6
490
Redemption of Debentures
Accountancy
answered on 19-Aug-22 08:13
While calculating premium on redemption, equity shares which were converted ie. 15000 shares are also included? Why?
latest answer
Okay! Thanks bro...
Bumble Bee
CA Final
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6
560
Queries
Others
answered on 18-Aug-22 22:48
I have ca foundation books Revised edition : October,2020 Reprint : January,2021. Could I use this study material for Nov 22 attempt. Is there any changes in the syllabus?
latest answer
Not fully changed u can use that book But make ensure that in paper 1 some extra true/false are added and in law there are some amendments in LLp and more on ...... In bck chapter 3 some ranks of the company also changed so kindly note a note on this thing
Dhanu Shree
CA Inter
★ 0
5
448
Journal Entry
Accountancy
answered on 18-Aug-22 22:53
1.Are bad debts personal a/c or nominal account?? 2.what is the journal Entry for Bad Debts??
latest answer
***Bad debts account are nominal accounts used to minimize the amount of accounts receivable on the income statement ***Record the journal entry by debiting bad debt expense and crediting allowance for doubtful accounts. When you decide to write off an account, debit allowance for doubtful accounts and credit the corresponding receivables account. I hope it helps you
Prathmesh kharul
CA Foundation
★ 3K+
4
623
Deposits
Corporate & Other Laws
answered on 18-Aug-22 22:22
Market value of asset is 1200,000 Amount of debentures or bonds is 15,00,000 Whether it is a deposit or not? If it is a deposit, Which amount is treated for purpose of deposit 12 lacs/15 lacs /3lacs ???
latest answer
Thank you mam..
Sajeetha R
CA Final
★ 46K+
2
500