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Management and administration
Corporate & Other Laws
answered on 29-Apr-25 13:19
If only 1 member is present in an adjourned meeting then what are the consequences?
latest answer
No.
meghana karnakanti
CA Inter
★ 21K+
3
189
Prayer room rent in religious premises- exempt or taxable
Indirect Taxation
answered on 26-Apr-25 16:29
Is rental income from renting out the prayer room 1500 per day taxable or exempt under GST in religious premises?
latest answer
In case of renting of rooms by charitable trust it is exempt if the daily rent is below 1000. In case of renting of open area or Kalyana mandapam, it is exempt if it is less than 10,000 per day.
MATURU HAMSA GAYATRI
CA Final
★ 23K+
1
193
Taxation of trust
Direct Taxation
answered on 26-Apr-25 16:09
Seva Niketan, a charitable trust registered under section 12AB runs an educational institution, which is engaged solely in education and a hospital for treatment of persons suffering from mental disorder solely for philanthropic purposes. The trust furnished the following information: (i) The total receipts of the trust for the P.Y. 2024-25 for educational institution is & 3.10 crores and for the hospital it is & 3.40 crores. (ii) Voluntary contributions [included in (i) above] received for the P.Y. 2024-25 from the public amounted to & 105 lakhs. It includes corpus donations of & 55 lakhs (for purchase of building for the trust) and anonymous donations of & 20 lakhs. (iii) During the P.Y. 2024-25, computers purchased for & 80 lakhs out of Corpus fund mentioned in (ii) above Rs.30 lakhs. Loan - Rs.25 lakhs Voluntary contributions - Rs.25 lakhs (iv) Corpus donations received during the current year are invested in - - Post Office Savings Accounts & 10 lakhs - Canara Bank as Fixed depositsRs.5 lakhs - Non-banking Financial Corporation (NBFC) Rs.10 lakhs (v) Deposited Rs.15 lakhs towards post office savings account which were utilised for purchase of building during the P.Y. 2020-21 and P.Y. 2021-22 out of corpus fund & 10 lakhs and 5 lakhs, respectively. (vi) Amount paid to another trust registered u/s 12AB by way of donation of Rs.10 lakhs. Out of the said amount Rs.2 lakhs are given as corpus donations. (vii) 6 lakhs, being the amount set apart in the P.Y.2023-24 by the trust for charitable purposes u/s 11(2) utilized in the P.Y. 2024-25 for making donation to another charitable trust, whose object is also education. From the information given above, choose the most appropriate answer to the following questions: 10. What amount of corpus donations received by the trust would not form part of the total income of the P.Y. 2024-25? (a) Rs.25 lakhs (b) Rs.40 lakhs (c)Rs.15 lakhs (d) Rs.55 lakhs 11. What would be the amount of "specified income" taxable@30% u/s 115BBI for the P.Y. 2024-25? (a) Rs.30 lakhs (b)Rs.46 lakhs (c) Rs.48 lakhs (d)Rs.16 lakhs 12.What amount would be considered as application of the trust for the P.Y.2024-25 (excluding unconditional accumulation of 15%), assuming that it has fulfilled the relevant conditions stipulated under section 12A? (a) Rs.36.8 lakhs (b) Rs.25 lakhs (c)Rs.38 lakhs (d) Rs.30lakhs need explanation for these MCQ’s - From model paper 6
latest answer
Kindly share your workings will confirm whether correct or not.
Laharika Urlapu
CA Final
★ 850
1
377
Change in fixed cost when production happen beyond the capacity 100%.
Costing
answered on 02-May-25 11:41
Sir, Normally fixed costs change when the production go beyond the normal capacity. Could you please explain why fixed cost is not changing when the sales @ 110% capacity
latest answer
The fixed cost will not change even though there is excess production. We consider fixed costs like rent , insurance , depreciation etc. So if the production increases this will not change. We pay the constant or fixed amount only
Mebin Baby
CA Inter
★ 0
1
280
ITC
Indirect Taxation
answered on 28-Apr-25 16:36
If I have ITC of RCM can I set it off against output tax liability?
latest answer
Trust this clarifies.
Neha Pradhan
CA Final
★ 9K+
4
185
Euro Convertible bonds
AFM
answered on 26-Apr-25 12:06
Sir the term EURO means the currency or is it because of the availability of CALL/PUT Option on the Bonds? Euro convertible bonds are '$' denominated?
latest answer
Euro convertible bonds
Mohanbabu N
CA Final
★ 3K+
1
198
Preliminary expense
AFM
answered on 26-Apr-25 12:03
Why The Preliminary Expense Has been Written Off . It is Not Given In question To write off them. Why they are shown under asset side of balance sheet is it any amortisation?
latest answer
Prelim exp
Gauri Shete
CA Final
★ 5K+
3
265
Swaps
AFM
answered on 26-Apr-25 08:51
Sir, don't the notional principal amount in generic swaps decreases after every periodic payments (int+principal) or it is assumed that principal are repaid in bullet payments and only interest are paid periodically
latest answer
Amortising
Nitin Raj
CA Final
★ 270
3
164
AS 19 Leases
Accountancy
answered on 26-Apr-25 07:16
What is the difference between “Lease term” and “useful life”? Isn’t it both the terms referring to the same period?
latest answer
Both are not same. Check the building example i gave you. Useful life is for asset not only for lessee
Girinath A
CA Inter
★ 765
3
223
Doubt
Financial Reporting
answered on 29-Apr-25 09:25
In this sum, why have we not taken the carrying amount after year 5 and compared it to the the pv of cashflows under revised terms using original discount rate? Please explain
latest answer
Since the effective rate and coupon rate of original loan is 10%, the carrying amount is 10,00,000
Manu Jacob
CA Final
★ 6K+
1
177