Forums
Deferred Tax
Financial Reporting
answered on 08-Apr-24 17:28
Video No 13 Illustration 3 A Ltd recognises interest income on accrual basis. Interest rate is 25% so DTL is created for 25% But income tax department will tax the same at the rate of 30% when cash is received. On 31st December reporting my entry for 25% is correct. Assuming that I am receiving cash on 6th June or 7th June I have to pay tax to income tax department @ 30% even though last year entry is passed @ 25%. Am I correct. Tax liability to income tax department will not get affected
latest answer
What ever we pay to income tax department will be based on the tax rate applicable. So even if we provide for using 25% and actual rate turns out to be 30%, we will pay at 30% itself.
swaminathan sundaram
CA Final
★ 110
1
294
Sell call option
AFM
answered on 07-Apr-24 21:28
Sir usually,in sale of call option, our profits are maximum to receipt of premium then why are we taking the buy call option point of view, while computing for Delta i.e Cu-Cd. I mean we should compute from sale of call option point of view. Please explain it sir?
latest answer
Even though for a sell call max profits are premium receipt, in the market the call gets traded. The price of the call keeps changing as and when the stock price keeps changing. When we talk of a hedge, it means profits are locked at current level - so if underlying position gives a profit call will give a loss and if current position gives a loss call will give a profit. explained at 13 minutes. The idea is to look at overall gain / loss of portfolio & not simply at call payoffs alone
Hanumanthu Rajesh
CA Final
★ 7K+
1
347
General doubt
AFM
answered on 07-Apr-24 20:15
Is this computation correct? Briefly explain how
latest answer
Doubt is solved.
Revathy N
CA Final
★ 9K+
3
344
Credit note and debit note
Direct Taxation
answered on 08-Apr-24 10:54
What is the time limit to issue credit note under GST as per the amendment( if any) ??
latest answer
Thank you sir 🙏
Code X
CA Final
★ 960
3
322
Permutations
Maths & Stats
answered on 08-Apr-24 12:31
How to solve the 9th question?
latest answer
First find out total 7 digit numbers that are possible which is 7! . Then subtract the numbers divisible by 5 which is 6! . You will get 4320 as the answer. Total numbers is 7 places and 7 numbers that's why 7! Divisible by 5 means last digit has to be 0 or 5. Here we have only 5 which is fixed in units place. Balance 6 numbers and 6 places which will give 6!. Trust this explains your query
Taniya Thakur
CA Foundation
★ 1K+
1
339
Rule 56
Indirect Taxation
answered on 08-Apr-24 09:03
I can't find rule 56 in icai and your material Y
latest answer
It has been discussed more for knowledge.
T swathi
CA Inter
★ 1K+
1
210
Ind AS 41 illustration
Financial Reporting
answered on 09-Apr-24 17:32
Sir, Why slaughtering cost has not been taken into Fair value less costs to sell to account for inventory. without slaughtering cost we could not sell the produce know ?
latest answer
We may sell without slaughter as well.
M Naresh
CA Final
★ 3K+
1
182
Surcharge
Direct Taxation
answered on 12-May-24 10:57
If income from other sources: 60 Lakhs Income from Capital Gains: 240 Lakhs What would be the rate of surcharge: 15% on total tax liability through both income Or 10% surcharge on other sources and 15% on capital gains?????
latest answer
80% or more then the deduction is 1.25L.
Nikhil Tiwari
CA Final
★ 16K+
6
446
Derivatives
CFA
answered on 08-Apr-24 05:39
Dear Team, Please refer ch 1 for "What is a Forward Contract", would the Discount factor be provided in question to check the PV of future benefit.
latest answer
Explained in quant and several other topics also abt calculator usage. Also calculator comes with instruction manual. Kaplan schweser books also show case calculator steps where required
Namrata Lall
CA Inter
★ 0
3
401
classification
Accountancy
answered on 08-Apr-24 17:22
sales tax payable is which account in traditional classification and modern classification?
latest answer
Sales tax is a liability payable to government hence personal.
Bharavi Kothari
CA Foundation
★ 20K+
3
214