Forums
Partneship
Accountancy
answered on 26-Jan-21 21:50
While preparing financials of a partneship firm , how adjust the income tax refund ? Treated as indirect income or capitalise the amount?
latest answer
Okei ..thank u
Balamurali Unnithan M S
CA Inter
★ 3K+
2
569
AGM
Corporate & Other Laws
answered on 27-Jan-21 08:08
Law allowed to adjourn the date of AGM .
latest answer
Okei sir ..thank u
Balamurali Unnithan M S
CA Inter
★ 3K+
4
621
Final accounts
Accountancy
answered on 26-Jan-21 19:15
Should income tax be shown in p&l account ?? In some sums ,income tax is reduced from capital .why ??
latest answer
Because it is the tax for the personal income of the owners so it should be reduced from capital of the owners its like drawings
Reetikaa R
CA Final
★ 7K+
1
650
Guarantee
Corporate & Other Laws
answered on 23-Feb-21 22:42
The surety must be competent to contract. The debtor need not be competent. What about the Creditor? Does he need to be competent?
latest answer
Simple, the guarantee contract is between creditor and surety....so to become a valid contract , parties entering into contract should be competent. Debtor need not be competent.
Aman Mahajan
CA Final
★ 19K+
4
603
Rcm
Indirect Taxation
answered on 28-Jan-21 13:44
3 point in 2 nd problem answer was wrong in icai matrial
latest answer
Yes. Central Govt has to pay tax and not Business Entity Notification No. 13/2017 dt. 28.06.2017 entry 5 states that in respect of services other than â?? (i) renting of immovable property; (ii) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government; and (iii) services in relation to an aircraft or a vessel, inside or outside the precincts of an airport or a port, the service recipients (business entities) are required to pay the tax under reverse charge mechanism.
Banda Veeresh
CA Inter
★ 35K+
1
765
Sec 125 of contract act
Corporate & Other Laws
answered on 27-Jan-21 10:05
Whatâ??s the difference between costs and damages?
latest answer
Damages are the awards / amounts a person is required to pay as an order. Costs on other hand is expenses in bringing the suit such as court fees, registration etc.
Aman Mahajan
CA Final
★ 19K+
1
690
Capital gains
Direct Taxation
answered on 28-Jan-21 13:58
What is the difference between amalgamation and merger
latest answer
Amalgamation - one or more companies merge with another company or two or more companies merge to form one company. All assets and liabilities of amalgamating company become that of amalgamated company. 3/4th of shareholders become holders in new company. Amalgamation can be in the nature of purchase ( bigger and financially stronger entity takes over a smaller one.) or merger (two or more companies who share similar operations or are engaged in the same line of business combine) . Under income tax we deal with Amalgamation in the nature of merger.
Siva Kumar
CA Inter
★ 715
3
682
Insolvency
Accountancy
answered on 26-Jan-21 15:50
Chapter 6 unit 1 illustration no. 6
latest answer
Doubt?
Raj Narayan Singh
CA Foundation
★ 0
1
632
Profit prior to incorporation
Accountancy
answered on 26-Jan-21 12:06
Why is tax audit fee divided in sales ratio. shouldn't it be completely post incorporation as audit is required for companies?
latest answer
-> Tax audit has nothing to do with the constitution of the entity. -> It's applicability is based on turnover of the entity in the PY.
Aman Mahajan
CA Final
★ 19K+
1
791
Nov 2020 question paper
Accountancy
answered on 26-Jan-21 15:50
To which category does the compensation received against a suit filed should be taken in cash flow statement
latest answer
Operating activities/Extraordinary items.
Paidala Harish
CA Final
★ 2K+
1
674