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Profits and gains of business or profession
Direct Taxation
answered on 31-Aug-21 10:31
Sir What is the general principle governing the assessment of incomes of mutual associations such as chambers of commerce, stock brokers' association etc.?
latest answer
Section 28(iii) enacts that â??income derived by a trade, professional or similar association from specific services performed for its membersâ?? shall be taxable as business profits. The object is to tax as profit the surplus arising from specific services rendered to members by a mutual trade, professional or similar association which otherwise may not be liable to tax in view of the general principles applicable to mutual concern.
Rinuja TK
CA Inter
★ 10K+
1
558
Allotment
Corporate & Other Laws
answered on 30-Aug-21 10:51
Allotment within 60 days. Is this rule for both public issue and private placement
latest answer
Yes. However for public issue, it's practically done much prior
Aman Mahajan
CA Final
★ 19K+
1
469
Case study
Corporate & Other Laws
answered on 30-Aug-21 08:24
If in a case study, I am not sure whether the relevant provision is a section or a rule, then should I write, AS PER COMPANIES ACT. If it turns out to be a rule, then will marks be deducted
latest answer
if you are not sure , start you answer like this "As per the provisions of The Companies Act, 2013 ...."
Aman Mahajan
CA Final
★ 19K+
2
528
Gst compensation cess
Indirect Taxation
answered on 29-Aug-21 18:53
Why is gst compensation cess is collected? And whose income it is state or central government?
latest answer
It is levied for any of the revenue deficit/loss that would come up in the manufacturing states. And it is collected by Central Govt.
vasabattula abhinav
CA Final
★ 85
1
564
What is disputed debt?
Corporate & Other Laws
answered on 29-Aug-21 18:49
Please explain
latest answer
Understood. Thank you :)
Sibi Srinivasan
CA Final
★ 22K+
6
524
Financial Ratios
Financial Management
answered on 29-Aug-21 15:43
Why is Return on Invst = Net Pft Ratio* Asset T.O Ratio
latest answer
It's like how much Amount created towards an asset. For example, if ratio is 1:1 it means for every Re.1 invested another Re.1 created or earned. If it is 0.5:1 for every 1 rupee invested 0.5 profit earned. That's why Return on investment= Net profit ratio or gain divided by Cost of investment or Asset..!
Shriram Ravichandran
ACCA Skill
★ 2K+
1
621
How to write case law Questions
Corporate & Other Laws
answered on 29-Aug-21 15:05
Below attachment case law answer icai 2019 Need to 4 marks that much long answer
latest answer
Ok brother
Rishi Kumar
CMA Inter
★ 6K+
4
577
Preparation of financial statements from income record
Accountancy
answered on 30-Aug-21 18:14
How to calculate net profit?? Book back sum pg no:273
latest answer
Okieee, thanks
Merfi Mufi
CMA Inter
★ 230
9
544
Residential Status 6(1)
Direct Taxation
answered on 29-Aug-21 15:02
For Checking -HUF Residential Status. What's the Basic Condition 1. Karta /Co-Parceners/Members -Wholly /Partly in India? No days are counting like Individual Residential Status Checking? In Additional Condition Check the Period of stay of Karta Only?
latest answer
Thanks Brother.
Balamurali Unnithan M S
CA Inter
★ 3K+
4
603
House property
Direct Taxation
answered on 30-Aug-21 19:06
What will be the deduction for interest on purchase and repair u/s 24b for House property in Mumbai please explain
latest answer
Sorry, they given 50:50 so, 75k each property so, if Delhi is LOP Deduction for Delhi property is 75 k
Priyanka Udeshi
CFA L1
★ 14K+
13
754