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INDAS 12 Income Taxes
Financial Reporting
answered on 18-Feb-25 16:13
A deferred tax liability shall be recognised for all taxable temperory differences except when DTL arises from:- 1) Initial recogniton of goodwill 2) Initial recogniton of an asset /liability in a transaction which (i) is not a business combination (ii) at the time of transaction which neither affects the accounting profit nor taxable profit I am not clear about the 2(ii) point. In video 8 of this standard, an illustration explains that the transaction does not impact the accounting profit, even though it is also mentioned that the aggregate depreciation in the books is 100,000. It would be helpful if the 2(ii) is explained.
latest answer
Assume a company installs a plant and, under legal requirements, must dismantle it after 10 years. It recognizes: A liability for decommissioning - say ₹2,00,000, discounted to present value A corresponding asset (Capitalized cost added to the Plant). At the time of initial recognition: Accounting Impact: No immediate profit or loss impact (since both asset and liability are recorded at the same amount). Tax Impact: The tax laws may not allow the liability as an expense immediately (hence no impact on taxable profit). This is a case of exclusion
Parvathi Jayachandran
CA Final
★ 21K+
1
255
Budget
Direct Taxation
answered on 19-Feb-25 21:42
Updated return time limit increased form 2 year to 4 years is this update is retrospective
latest answer
Need to await clarification on this. Will update.
Sruthi sruthi
CMA Inter
★ 640
2
204
Consolidated Financial Statements
Financial Reporting
answered on 18-Feb-25 11:12
Hi Sir, In the above solution, we have bifurcated share of Net profit in Associates into NCI portion and to the parent. Should we bifurcate Net assets of Associates to NCI and Investment in Associates?
latest answer
The share of net profit automatically captures net assets.
ahmad bunyamin
CA Final
★ 1K+
1
167
Charge of gst
Indirect Taxation
answered on 25-Feb-25 12:21
If GTA is registered and choose Rcm @5%. If we received such services from Gta and while paying in GSTR 3B, is mandatory to convert it in 12 or 18% for claiming Itc.
latest answer
For recipient, ITC will be available.
Sairam Reddy
CA Final
★ 10K+
5
227
Difference between provisional assessment and advance ruling
Indirect Taxation
answered on 19-Feb-25 21:50
What is the difference between provisional assessment and advance ruling? Why would someone chose 1 over the other?
latest answer
Both are similar but the primary difference is that provisional assessment is only when we are unable to determine the value or rate of tax.
Manu Jacob
CA Final
★ 6K+
1
218
Time period
AFM
answered on 18-Feb-25 15:33
In part 4, when i was calculating d1 and d2, i was using t as 2/12= 1/6 but in our solution we have used same 3/12=0.25, why have we done like this ?
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Achaa achaa !! Understood!!
Hrishikesh Pradhan
CA Final
★ 18K+
2
227
Computation Doubt.
AFM
answered on 19-Feb-25 06:53
Sir, in the last where the revised price computation, the delta y*D*P is done, however i didnt get the concept of taking P multiplying with D and delta Y.
latest answer
Duration
Abhinav K A
CA Final
★ 2K+
3
205
SEZ
Indirect Taxation
answered on 20-Feb-25 17:05
Is a sez not liable to pay output tax to the govt on the sales made by them in India(even though they collect igst on the same)(is this because they needn't pay gst on purchases, reflecting of not claiming ITC)
latest answer
Thank you sir
Ramya Telikicherla
CA Final
★ 6K+
2
195
AMT
Direct Taxation
answered on 19-Feb-25 21:42
In case where the assessee has not claimed any deduction under section 10AA or section 35AD or deduction under section 80JJAA, 80QQB & 80RRB in any previous year and the adjusted total income of that year does not exceed ` 20 lakh, it would still be entitled to set-off his brought forward AMT credit in that year Query = if assesse didn’t claim these deduction in ANY previous year then how did AMT credit arise
latest answer
AMT credit arised because earlier years they paid AMT>
Sushmita Chowdhury
CA Inter
★ 2K+
5
306
About the Examination Questions in Ethics subject
CFA
answered on 17-Feb-25 19:45
Sir,a Small Question. What type Of Questions are asked Apart From the ethics Kaplan Scheweser Textbook you Said That Some Questions are asked from the Googled ones.
latest answer
Not from googled I meant googly like cricket 😀 Question appears simple but answer is completely different Pls go through cfa institute MCQs in the ematerial
dhupam jayanth
CFA L1
★ 10
1
211