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T/o limit for Sec 80-IAC
Direct Taxation
answered on 05-Feb-24 07:54
Will the deduction u/s 80-IAC get lapse if the T/O exceeds ₹100Cr during the 02nd or 03rd Consecutive AY (assuming the 01st AY the T/O is less than ₹100Cr)?
latest answer
Perfect.
Chandu vadla
CA Final
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3
514
Paper Pattern
Exams
answered on 02-Feb-24 20:50
Can anyone tell me what is the paper pattern of Accounts , law and tax no of questions marks in new scheme out of 70
latest answer
Mostly 1 20 mark and 4*10
Sathya Moorthy
CA Inter
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1
424
Calculating Total income
Direct Taxation
answered on 05-Feb-24 08:55
If LIC premium is 30000. Can it be added to arrive Gross Total income and then deducted as 80C ? OR it can be simply show as deduction without including in Gross Total income ?
latest answer
Okay..Thank you sir
Kirupaassri R.R
CA Inter
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228
Overhaul
Financial Reporting
answered on 07-Feb-24 11:18
Did not understood why we considered overhaulpart of cost. I saw the overhaul lecture again but as its major cost, it shall be capitalized na ? Please explain logic behind it
latest answer
Think of it this way. Building cost - 10 lakhs Estimate Painting cost included in above - 1 lakh. Total cost of PPE is 10 lakhs. Life of building - 10 years. Life of paint - 5 years. After 5 years, we incurred 2 lakhs to paint it again. So We will depreciate 9 lakhs over 10 years and 1 lakh over 5 years. Again we will capitalise 2 lakhs and depreciate it for 5 years.
Hrishikesh Pradhan
CA Final
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Security valuation illustration 23Interpretation issue
AFM
answered on 02-Feb-24 19:00
Sir, In attachment underlined sentence . I have taken Retained Earnings are 10 rs and EPS has calculated ~Retained Earnings /50%. But in class Earnings has Taken 10 Rs. And Retained Earnings 5. Please clarify this .
latest answer
Thank you sir
M Naresh
CA Final
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291
IND AS 2
Financial Reporting
answered on 03-Feb-24 20:15
For valuing RM when FG is expected to sell below cost , it is Replacement cost. What is Replacement cost in simple terms sir ?
latest answer
To keep it in simple terms, Replacement cost is the cost which you will incur if you want to replace the asset by buying new asset
M Naresh
CA Final
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3
327
SA 320 - Materiality in planning and performing an audit
Auditing
answered on 03-Feb-24 10:53
In the video it is said that performance materiality will be lower than planning materiality, can it be higher than planning materiality? If planning materiality is say Rs.1,00,000 and when we are checking debtors we see that it has lesser chance of being misstated, so can we set a higher level of performance materiality, say Rs. 1,20,000 ?
latest answer
No. Performance materiality is always less that Overall materiality. while fixing the overall financial statement materiality, ROMM is considered. so the 100000 is after taking into account ROMM of every account balance, class of transaction and disclosure.
Arjun Reghunath
CA Final
★ 0
1
233
Calculation of Purchase Consideration
Accountancy
answered on 03-Feb-24 10:48
Sir, Why Debentures have been taken into the calculation of purchase consideration in the net asset method?
latest answer
To determine net assets, we need to deduct the liabilities.
Prateek
CA Inter
★ 120
1
259
Right to control use of asset
Financial Reporting
answered on 06-Feb-24 19:31
Hi please clarify for Ill 11, Entity A designed the facility hence the right to direct use of asset should be with Entity A only right? H only operates on the instructions of the customer, and as per the summary flowchart at the end - if customer designs the asset then customer has right to use asset.
latest answer
okay thank you
Dhvaritha Ravishankar
CA Final
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4
226
SA 320 - Materiality in planning and performing an audit
Auditing
answered on 03-Feb-24 10:59
in the video it is said that performance materiality can be lower than planning materiality, can it be higher than planning materiality? If planning materiality is say Rs.1,00,000 and when we are checking debtors we see that it has lesser chance of being misstated, so can we set a higher level of performance materiality ?
latest answer
Overall materiality is calculated taking into account the ROMM at all the overall level. So performance materiality is always less that financial statement material level. it will always be less. 100000 is taking into account all the risk factors.
Arjun Reghunath
CA Final
★ 0
2
324