Forums
Buy back of shares
Accountancy
answered on 04-Jul-21 19:18
While doing debt equity test do we need to consider Trade payables and provisions for tax and other liabilities as debt ?
latest answer
Thank you sir
Pavan Kanavihalli
CA Final
★ 200
4
653
Section Doubt
Direct Taxation
answered on 04-Jul-21 18:00
Mr Sam (aged 40 years), a US football match referee, has earned income from football tournaments in India for A.Y. 2021-22. Are TDS provisions applicable under which section? TDS under section 195 Attracts?
latest answer
Yes.Thank You.
Balamurali Unnithan M S
CA Inter
★ 3K+
10
889
143(12)
Corporate & Other Laws
answered on 03-Jul-21 22:09
Where in law is the condition of being the first to notice mentioned?
latest answer
Bare text of Section 143(12) reads the following "Notwithstanding anything contained in this section, if an auditor of a company, in the course of the performance of his duties as auditor, has reason to believe that an offence of fraud involving such amount or amounts as may be prescribed , is being or has been committed in the company by its officers or employees, the auditor shall report the matter to the central Government within......." Interpretation of this text is that auditor should report such fraud to central government if auditor is the one who found out about such fraud during performance of his duties as auditor. Accordingly we can interpret that reporting to central government is not necessary if the information about fraud is secondhand in nature.
Aman Mahajan
CA Final
★ 19K+
1
592
AS 10
Accountancy
answered on 03-Jul-21 19:10
Sir in this sum what is revaluation concept?
latest answer
Ok sir thank you Thank you for providing platform like this. It is really useful. I am not wantedly done like this sir Only 2 days left for exam.For quick revision I asked her to send sir. I won't repeat it next time sir
Likhitha Sivani
CA Final
★ 14K+
16
635
Redemption of preference shares
Accountancy
answered on 03-Jul-21 15:58
If there are no free reserves sir and To create CRR how can we create .. Can we create CRR even though showing loss ?
latest answer
No. Then in that case redemption cannot be made out of profits. Company will do redempton after issue of new equity share capital
Naresh M
CA Final
★ 75
2
572
Sec 143
Corporate & Other Laws
answered on 03-Jul-21 19:10
How is this answer correct? The auditor has the right to access any information he believes necessary for audit.
latest answer
Auditor has right to access necessary information from the officers which are NECESSARY to perform his duties as auditor. Directors report & MD&A are generally not necessary to complete the audit of financial statement. Had he requested the books of accounts or vouchers of the company and the company had failed to provide them, then delay in preparation of audit report would have been justified since these documents are necessary to complete audit.
Aman Mahajan
CA Final
★ 19K+
1
663
Cost sheet
Costing
answered on 03-Jul-21 13:34
Sir, How the item ' expenses for utilities' forms part of prime cost?
latest answer
Thank you very much
Balamurugan V
CA Final
★ 52K+
2
630
Is the foundation form date is extanded till 1-08-2021
Exams
answered on 03-Jul-21 13:28
Is the form date for foundation is extanded?
latest answer
Not aware as of now. If you have any notification, please share
Harish Sharma
CA Foundation
★ 0
1
626
Accounts from incomplete records
Accountancy
answered on 03-Jul-21 13:31
Sir in this sum y u didn't took payment of annual insurance premium in the p&l a/c
latest answer
Ok thank u soo much
Likhitha Sivani
CA Final
★ 14K+
2
547
As 10 {Retirement of PPE }
Accountancy
answered on 03-Jul-21 12:30
Sir if PPE is Retired from active use and it is NOT held for disposal . Can we depreciate in current year ?
latest answer
Depreciation would continue unless fully depreciated. However if it is held for disposal , depreciation should be ceased
M Naresh
CA Final
★ 3K+
2
583