Forums
Is this an asset ?
Accountancy
answered on 26-Mar-21 14:15
What if I buy a bike and use it just for riding in streets for relaxation purpose ... Is this an asset since it has not generated any future economic benefits to me ?
latest answer
Great ... Thank you sir ð???
Deepak Raja
CA Final
★ 1K+
2
582
269SS
Direct Taxation
answered on 26-Mar-21 22:26
Please explain this provision? Limit of Rs.20000 is applicable for the whole year or for a single transaction?
latest answer
Thank u mam
Balamurali Unnithan M S
CA Inter
★ 3K+
2
771
Financials.
Corporate & Other Laws
answered on 27-Mar-21 21:47
On preparing financials of a company for ROC filing , we consider the various sections as per IT Act such as 40(A)(3) , 269 SS etc.
latest answer
As mentioned in other query, company audit is different from tax audit.
Balamurali Unnithan M S
CA Inter
★ 3K+
3
767
Comes under
Indirect Taxation
answered on 26-Mar-21 22:26
If an A/C dealer , doing business , both installation & Selling of A/C , but the business consist 30% of services (maintanance & installation ) and 70% consist of supply of A/C(Goods),how charge GST for the same,we can charge one GST rate ie.18%(Services) or 28% (Goods)
latest answer
Thank u very much mam
Balamurali Unnithan M S
CA Inter
★ 3K+
2
707
Accumulated profits
Direct Taxation
answered on 26-Mar-21 12:08
Can anyone please explain what does accumulated profits mean as per definition used to define dividends in the act
latest answer
Read explanation 1,2, 2A of Sec 2(22)..... Accumulated profits include all profits of the company upto the date of distribution or payment referred to in sub clause (e).. In view of this judgment it is clear that all the reserves created by company would form a part of accumulated profits for the purpose of Section 2(22)(e). Accumulated profit for the purpose of this section is required to be calculated till the date of payment of each loan/advance. In case the date of payment falls within the year under consideration then the whole year profit will be taken into account proportionately
Sai Teja
CA Final
★ 14K+
1
634
Doubt
Corporate & Other Laws
answered on 26-Mar-21 14:36
I couldn't understand the eg. In the image below pls give clarity
latest answer
B becomes embarrassed means there was a financial difficulty. Ready money means cash that is immediately available.
Sri kanaga Varshini
CA Final
★ 3K+
1
616
Gst
Indirect Taxation
answered on 27-Mar-21 21:21
In case of transfer of development rights if I give my 100cr land to someone else for constructing flats and in return I get 10 flats ,does the ownership of land passes to the the promoter ??.... by virtue of section 93 this event is taxable under RCM on what amount the the the the GST will be charged as it seems a better transaction??
latest answer
On 100cr
Gauri Shete
CA Final
★ 5K+
6
731
Provision for depreciation
Accountancy
answered on 26-Mar-21 12:21
If there is any balance in provision for depreciation account Do we deduct such depreciation along with current year depreciation from asset bal while preparing balance sheet
latest answer
Thank you very much sir.. Such a clear explanation..
Sai Teja
CA Final
★ 14K+
11
689
Accounting standards
Accountancy
answered on 25-Mar-21 13:19
Dear sir, Regarding Accounting, AS-10-Video 15," As Mining, Oil, Natural gas and similar assets are wasting assets and AS-10 is not applicable for this" is what sir taught, then Why are we saying that part AS-10 and part AS-2 apply for that Oil and Gas question.
latest answer
Thankyou sir.
Madhaan S
CA Final
★ 14K+
2
742
Incorporation of company
Corporate & Other Laws
answered on 25-Mar-21 11:57
Explain whether the fund will be transferred to insolvency and bankruptcy fund of government or it will be transferred to insolvency and bankruptcy fund of registered company under this section
latest answer
It's the fund formed by Government under Section 224 of the Code. Central Government will appoint an administrator to administer this fund.
GOKULA LAKSHMI
CA Final
★ 21K+
1
832