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lecture 4 of registration chapter
Indirect Taxation
answered on 15-Jul-24 13:40
as you have said in this video that supplies made by agent on behalf of principal shall be included in agent turnover so will this statement holds true in both the points 1) if agent supplies invoice in his own name 2) if agent supplies invoice in the principal's name
latest answer
Supplies made by agent will be included in the aggregate turnover of agent only when the transaction between principal to agent is being taxed i.e., when agent supplies in his own name. This is not written specifically but the interpretation is that way only.
Ansh Rajput
CA Inter
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1
279
Finance
AFM
answered on 14-Jul-24 19:08
What is the difference between finance & money? Tried to find this but no basic explanation could be found out
latest answer
Money is a medium of exchange Finance is the business of raising money or depositing money or investing for some interest
HN G
CA Final
★ 0
1
221
Advanced accounting
Others
answered on 15-Jul-24 09:50
If I have to leave any 1 chapter to choice which one it would be of following based on difficulty level and marks allotment 1. Consolidated financial statements 2.amalgamation 3.branch accounting including foreign branch
latest answer
It is not advisable to leave a chapter. Sometimes you may get pretty easy question where you can score marks.
Vani Suresh
CA Inter
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2
320
LLP
Corporate & Other Laws
answered on 17-Jul-24 10:20
Can someone explain sec 62 in simple terms Provision for facilitating reconstruction & amalgamation of limited liability partnership
latest answer
Points are similar to amalgamation of companies, 1) all assets and liabilities of transferor will be transferred to transferee LLP 2) legal proceedings of transferor will be cont in transferee LLP 3) dissolution of transferor company without winding up 4) if any person or group of persons is not happy with amalgamation, they will go to tribunal and based on that tribunal may order for creating provision 5) tribunal also orders for provision for any incidental matters for the purpose of amalgamation (like future litigations, contingent liability etc)
Soon to be CA
CA Inter
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2
296
Collection expenses
Financial Management
answered on 18-Jul-24 23:28
In this problem the collection expenses increases as collection period decreases but the investment in debtors also decreases so why there will be increase in collection expenses ?
latest answer
Yeah 👍 thank you sir 😊
Harish Kumar
CA Inter
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2
344
Verification of certifies copies through ICAI SSP
Exams
answered on 14-Jul-24 15:07
Hello everyone! On application for verification of vertified copies through ICAI SSP, will ICAI reduce the already awarded marks. Kindly share your inputs.
latest answer
Either marks increase or no change They won't decrease marks
Srimathi Ram
CA Final
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3
356
Is LC is a FI?
AFM
answered on 14-Jul-24 15:46
Sir will Letter of credit will come under Financial Instrument?
latest answer
Ok sir
Surya Prakash
CA Final
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2
284
Due date to file ITR
Direct Taxation
answered on 15-Jul-24 13:41
Due date for filing ROI for company is 31st October.. In belated return example sir told that PQR ltd due date for filing ROI is 30th September My doubt : due date for filing ROI of company is sept or October
latest answer
For company due date of Filing is 31st October. 30th Sept is due date to file tax audit report.
Elan Marie
CA Inter
★ 0
1
205
Increment in Working capital
AFM
answered on 14-Jul-24 11:46
Can you please share the reason why in case of working capital investment of 65 crores, the 5% increment was considered without cumulative effect. The question says, that the working capital requirement would be NPR 60 Crores 'from' the year end, leaving us with interpretation that 65 crores would be incurred every year.
latest answer
Doubt cleared. Thank you sir!
Pk Akshaya
CA Final
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2
250
LLP-
Corporate & Other Laws
answered on 25-Aug-25 16:40
The LLP Act allows a period of 6 months to appoint another partner when number of partners go under 2, if after 6 months also no appointment is made the current partner will be PERSONALLY LIABLE (UNLIMITED LIABILITY ) FOR ALL OBLIGATIONS. Is it means, it automatically treated as Propitiatory concern ? Whether ROC will cancel its Registration under LLP ? How long such default can continue, without 2nd designated partner ?
latest answer
Let's break down your questions one by one, referring to the Limited Liability Partnership Act, 2008 (LLP Act) of India and related rules. 1. What happens when the number of partners in LLP falls below 2? As per Section 6(2) of the LLP Act, 2008: "If at any time the number of partners of a limited liability partnership is reduced below two and the LLP carries on business for more than six months while the number is so reduced, the person who is the only partner of the LLP during the time that it so carries on business after those six months shall be personally liable for the obligations of the LLP incurred during that period." So, LLP does not automatically get converted into a Proprietorship. But yes, limited liability protection is lost for the lone partner only, after passing of the six-month grace period, until another partner is appointed. 2. Is the LLP automatically treated as a proprietorship concern? No. There is no automatic conversion from an LLP to a proprietorship concern under law. It remains an LLP in the eyes of law. However, from a liability perspective, the remaining single partner is personally liable for all obligations incurred after the 6-month period, just like in a proprietorship. So, it's not a proprietorship by structure or registration, but the liability becomes unlimited for the lone partner, similar to how a proprietor is fully liable. 3. Will ROC (Registrar of Companies) cancel the LLP registration if the default continues? The ROC does not automatically cancel the LLP if the number of partners falls below 2. However, continuing with only one partner for an extended period is a violation of the LLP Act, and ROC can take penal action under the law. Potential Actions ROC can take: Issue a Notice to the LLP for non-compliance. Impose Penalties or Fines. In extreme cases or upon failure to comply, ROC may initiate action for striking off the LLP, especially if it is also not filing returns or complying with other provisions. 4. How long can this default continue? Technically, there is no fixed maximum duration in the law beyond which an LLP is mandatorily struck off. But: From a legal liability perspective, the unlimited liability for the sole partner starts after 6 months. Practically, ROC may take action any time after the 6-month ‘grace period’ window, especially during scrutiny or annual compliance checks. Seek guidance from experts like Setindiabiz to avoid ROC actions and also keeping fines/penalties at bay. Also make sure to bring in a partner within the grace period and keep your LLP running and thriving!
NAGARAJA B.R.
CA Inter
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2
438