Forums
Itc
Indirect Taxation
answered on 12-Jun-20 15:24
In total credit we eliminate T1,T2(exempt supplies),T3 and we will get common credit Then we eliminate D1 credit attributable to exempt supplies Why are eliminate exempt supplies again in D1 ?
latest answer
If Input on X (Exempted)-T2=12000 and Turnover-200000 Input on Taxable-T4=140,000, Turnover=1000000 Input on Z=15000, Total =167000, Common credit =T-(T1+T2+T3+T4)=167000-12000-140000=15000 then D1=15000X200000/1000000=3000 reversed for 60 months. (3000/60)=50/- per month.
Swathi Krishna
CA Final
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5
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Illustrations related to Residential status and scope of income
Direct Taxation
answered on 11-Jun-20 21:08
Q.no 14 (h) Suppose interest received in London of money lent to a resident in india in london, brought to india AND if the payor (resident)used borrowed money in india Will it be not taxable in all 3 case (ROR,NOR,NR)? Or Only taxable in ROR ?
latest answer
Thank you so much.
AKHIL KOSHY
CA Final
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4
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Sa 530 analytical procedure
Auditing
answered on 11-Jun-20 10:13
How does the materially of the item being audited affect the reliability which the auditor places on analytical procedures ? Can u also give examples
latest answer
There is an inverse relationship between materiality and the level of audit risk. As the assessed risk increases, the amount of difference considered acceptable without investigation decreases in order to achieve the desired level of persuasive evidence. Analytical procedures are applied as risk assessment procedures. Planning of analytical procedures is influenced primarily by materiality. If an item is material, auditor may not completely rely on analytical procedures. Example Debtors having a large unusual outstanding balance. .
Swathi Krishna
CA Final
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1
759
Solution to illustration
Others
answered on 12-Jun-20 11:42
Where do we find solutions to illustration in the free resources notes of practical subjects CA inter
latest answer
For Income tax the illustrations will be shared shortly with paid course students. For other subjects the illustrations are solved in videos.
San Samm
CA Inter
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794
Examples given in Holder in due Course
Corporate & Other Laws
answered on 10-Jun-20 18:57
Sir, In the video, an example given by madam in Holder in due course is -a person fraudly signing the BOE for Endorsement, then the person who receiving that become A Holder in due course since it received in good faith. But in the very next video with an example -there clarified that he is not a holder in due course since that instrument at the very first was Fraudulently singed. So please clarify this to finish the doubt.
latest answer
Thank you very much sir,
Pranav Connecting...
CA Inter
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2
984
The general clause act
Corporate & Other Laws
answered on 11-Jun-20 11:53
What does section 6A mean ?
latest answer
If in an act "A" there is a reference (ex:- 2(81): Securities) to another act "B", then if such referred act (B) is amended by "removed" or "Substituted" or "changed" we will still refer to such amended act while reading it.(A)
Swathi Krishna
CA Final
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1
777
Financial statements
Accountancy
answered on 11-Jun-20 09:40
For equity and liability item list of share holder holding."................"share as on balance sheet date should be disclosed separately.pls give the meaning and say answer to this bit
latest answer
Details of shareholders holding more than 5% shares.
MARISETTI DURGA
CA Inter
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2
705
Total income
Direct Taxation
answered on 10-Jun-20 18:26
Mr.Robert has computed his total income at rupees 655000 and calculates the tax payable as rupees 61000.But he has not taken into account of agricultural income of rupees40000 earned during the year.what according to you is the correct tax payable for the assessment year of 2020-2021?
latest answer
Please can u be more specific about the question that you are referring?
MARISETTI DURGA
CA Inter
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1
829
Sa 530 audit sampling
Auditing
answered on 11-Jun-20 09:27
How is expected rate of deviation useful ,when put tolerable rate of deviation ,at the time of selection of sample size ?
latest answer
The upper deviation rate is the sum of the sample deviation rate and an appropriate allowance for sampling risk. For example, if the auditor discovered two deviations in a sample of 50, the deviation rate in the sample would be 4% (2 ÷50). upper deviation rate = 4%+sampling risk. The auditor compares the tolerable deviation rate to the computed upper deviation rate. If the computed upper deviation rate is less than the tolerable deviation rate, the auditor can conclude that the controls can be relied upon�If the computed upper deviation rate exceeds the tolerable deviation rate, the auditor must conclude that the controls are not operating at an acceptable level.
Swathi Krishna
CA Final
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3
9K+
Deposits from directors
Corporate & Other Laws
answered on 11-Jun-20 11:46
If a private company cannot collect deposits from a director according to Acceptance of Deposits of Companies Rule, 2014 unless the director uses 3rd party's funds And there are no declarations , how can a company accept deposits with no limit as long as a declaration signed by the director is given(Rule 3)?
latest answer
Money from directors or relatives of directors does not come under definitions of deposits for the purpose of Sec 73, thus rule 3 does not affect monies received by the director. But, the condition for such exclusion is also given in sec 2(31) that defines deposits.
Sowmiya Paranan
CA Inter
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1
693