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IDT Rule 86B (IBS Nov 2024 paper)
Others
answered on 17-May-25 18:21
Here, the taxable supplies is given as 50 cr, but as rule 86B applies only if it exceeds 50 cr. Hence this case it is not applicable, but in suggested answer, they mentioned it is applicable Please clarify this. Thanks in advance.
latest answer
Sorted, I was confused as 50 cr, the limit is 50 lakh My bad.
Raviteja Kusumanchi
Qualified CA
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321
Derivative
Financial Reporting
answered on 19-May-25 10:22
Sir here in the screenshot it is mentioned that can be settled net, that contract cant be settled on net basis this exception can't be used right
latest answer
If a contract on non financial item cannot be settled net, it will not be a part of financial instruments.
R Yashwanth Kumar
CA Final
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296
FINANCIAL GUARANTEE
Financial Reporting
answered on 19-May-25 11:11
Sir based on the expected loss do we need to update the amortization table, In 4th year opening balance she have been 1,25,000
latest answer
The amoritsation computation does not change. The balance of liability would change due to valuation at the end of year 3.
R Yashwanth Kumar
CA Final
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1
255
Permitted Partnership clause (4)
Auditing
answered on 23-May-25 07:28
1.Including a resident who but for his residence abroad would be entitled to be registered as a member under clause (v) of subsection (1) of section 4. Can you please explain with example 2.The last example in the video i.e CA holding COP is a partner in 2 business firms & M.D in 2 Companies.. Then CA Shall be deemed to be guilty of Professional misconduct. Can he do the same with prior permission from the institute?
latest answer
Thank you Mam
Harini Desu
CA Final
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305
Preparation of statement of profit and loss and balance sheet
Accountancy
answered on 19-May-25 12:22
Can anybody please explain point no 5 and 6 regarding Treatment of provision for bad debts in trade receivables
latest answer
Out of 25,000 only 25% is recoverable. Remaining 75% is bad debt. For other receivables make a provision of 2%
JAI AKASH
CMA Inter
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247
Benefit vs cost for dcp or 12months
Financial Management
answered on 17-May-25 20:47
Why won't we assume that factor reserve is for 12months Then directly we calculated interest on advance payable for 12months Here, we calculated interest 15 % for 3months and again multiply to 12 months Why it necessary
latest answer
Because you factor debtors of every month and you do that 12 times a year
anju B
CA Inter
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267
Services of Advocate
Indirect Taxation
answered on 20-May-25 13:26
If i am an individual, not a business entity, then it simply means that advocate will pay tax under FCM, right ?
latest answer
Service by an advocate to any person other than business entity is exempt. So there is no question of FCM.
Hrishikesh Pradhan
Qualified CA
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322
Sec 9 (5) Accommodation Services
Indirect Taxation
answered on 20-May-25 13:27
Sir, in articleship we have a client whose service is similar like goibibo or airbnb, now there is a unique transaction which flows like : Customer will pay amount to airbnb --> air bnb will pay amount to our client --> and client will pay to the owner of the house. Now here two e-commerce operator are there, how will we see the incidence of tax
latest answer
There is a possibility of TWO ECO. That is normal. ECO who is actually paying to supplier will be liable.
Hrishikesh Pradhan
Qualified CA
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258
Clause 2 - Cannot share fees etc
Auditing
answered on 09-Nov-25 16:16
In the Initial Partnership Deed, it is not provided that the legal representative of the deceased partner receive the profits of the firm. Later, after the death of Mr.B firm reconstituted the agreement and add the legal representative provision. can partners do so ?
latest answer
executing a supplementary partnership deed after his death to retrospectively include that clause is not legally valid — because you cannot alter the terms of a partnership after one partner has died.
Harini Desu
CA Final
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248
Illustration 19: Comprehensive Illustration on Revaluation
Financial Reporting
answered on 19-May-25 11:34
Sir while computing the obligation of Decommissioning as on 31-03-20X5, there is a reduction in PV of decommissioning which is Rs.5000/- hence due to the entry Decommissioning Liability A/c Dr . To Revaluation Surplus A/c , the amount of Rs.5000 is reduced . Then the revised carrying amount of Rs.7180 is added back to the cost of PPE. Then the revalued amount comes to Rs. 1,14,180. My question is since the 5000 got reduced from decommissioning Liability,it ultimately reduced the carrying amount of PPE as similar to cost model.. Can you please explain this part {cost vs Revaluation}
latest answer
1. The decommissioning liability is adjusted from the revalued amount and not cost based amount. 2. In cases where there is no revaluation surplus, the changes in decommissioning liability would be transferred to P&L. This is not the case with cost model.
Harini Desu
CA Final
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