Forums
TCS
Indirect Taxation
answered on 28-Apr-25 19:37
What is the actual applicable rate of TCS -As per lecture it is 0.5% + 0.5% but as per books provided it is given as 025% + 0.25% ,please clear this.
latest answer
ok
Neha Pradhan
CA Final
★ 9K+
2
250
Partnership
Accountancy
answered on 26-Apr-25 20:33
Partnership not in ca inter ??
latest answer
No
Sushmita Chowdhury
CA Inter
★ 2K+
1
306
Companies governed by NFRA
Auditing
answered on 01-May-25 11:00
1. Body corporates are required to file NFRA-01 whether LLP's are required to do so ? or LLP's if covered under specified class then only applicable ? 2. If the NFRA applicability comes under year 1 and subsequently not covered in the year 2 then year 3,4,5 still NFRA control is applicable. Meanwhile if the threshold satisfies in the year 3 or 4 then it would be continued or not ?
latest answer
If the LLP falls under the NFRA thresholds, then yes, Form NFRA-1 must be filed by the auditor of such an LLP. The responsibility to file NFRA-1 lies with the auditor, not the LLP.
Harini Desu
CA Final
★ 2K+
3
363
Mutual Funds
AFM
answered on 26-Apr-25 19:21
previously Mr. Alex was investing 10% of this time to manage his portfolio by investing in equity shares and earn a return of 15 %. Now by investing his entire portfolio into Multicap fund assuming he will spend the 10% of his time on profession and earn income in same proportion of 15%. My doubt, currently instead of his professional income up by 15% (Same returns earned while investing in shares) why we are considering 10 % as additional professional income.
latest answer
Because Question clearly said so "If he spends this time on profession, his professional income will go up in same proportion."
Shinisha Rose R
CA Final
★ 5K+
1
295
Effective interest rate
AFM
answered on 26-Apr-25 19:18
Sir, why are we not deducting the cash inflows from cap and add the floor outflows to interest rate while calculating average overall effective interest rate
latest answer
Check from minute 15 30 to 17.00 i clearly said that each interest flow already includes CF pertaining to CAP and floor So those CF have already been considered in computing the Effective Int rate
Nitin Raj
CA Final
★ 270
1
275
MTP - marking pattern
Corporate & Other Laws
answered on 29-Apr-25 13:20
In this question, if my provision is correct but my conclusion is wrong. How many marks will I get?
latest answer
3-4 MM roughly
Asmita Kar
CA Final
★ 7K+
3
233
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
235
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
230
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
466
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
334