Pgbp

answered on 22-Apr-24 09:29

Mrs. Bhawna, wife of Mr. Sonu, is a partner in a firm. Her capital contribution of ₹ 10 lakhs to the firm as on 31.3.2021 included ₹ 6 lakhs contributed out of gift received from Sonu. On 1.4.2021, she further invested ₹ 2 lakh out of gift received from Sonu. The firm paid interest on capital of ₹ 1,20,000 and share of profit of ₹ 1,00,000 during the F.Y.2021-22. The entire interest has been allowed as deduction in the hands of the firm. Which of the following statements is correct? (a) Share of profit is exempt but interest on capital is taxable in the hands of M₹ Bhawna (b) Share of profit is exempt but interest of ₹ 80,000 is includible in the income of Mr. Sonu and interest of ₹ 40,000 is includible in the income of M₹ Bhawna (c) Share of profit is exempt but interest of ₹ 72,000 is includible in the income of Mr. Sonu and interest of ₹ 48,000 is includible in the income of M₹ Bhawna (d) Share of profit to the extent of Rs 60,000 and interest on capital to the extent of ₹ 72,000 is includible in the hands of Mr. Sonu

latest answer

Right.

Shruthi Nachammai

CA Inter

★ 4K+

5

64

Pgbp

answered on 22-Apr-24 09:55

Mr. Shahid, a wholesale supplier of dyes, provides you with the details of the following cash payments he made throughout the year – - 12.06.2018: loan repayment of ₹ 27,000 taken for business purpose from his friend Kunal. The repayment also includes interest of ₹ 5,000. - 19.08.2018: Portable dye machinery purchased for ₹ 15,000. The payment was made in cash in three weekly instalments. - 26.01.2019: Payment of ₹ 10,000 made to electrician due to unforeseen electric circuit at shop - 28.02.2019: Purchases made from unregistered dealer for ₹ 13,500 What will be disallowance under 40A (3), if any, if Mr. Shahid opts to declare his income as per the provisions of section 44AD?

latest answer

Ok tnku sir

Shruthi Nachammai

CA Inter

★ 4K+

2

35

Pgbp

answered on 22-Apr-24 09:30

is a working partner in a firm on behalf of his HUF and the HUF has contributed ₹3,00,000 as its capital contribution. Apart from this, K has given a loan of ₹ 50,000 to the firm in his individual capacity. The firm pays interest as per market rate of 15% per annum on capital as well as loan. Compute the amount of interest that shall be allowed to the firm while calculating its business income assuming that the interest is authorized by the partnership deed.

latest answer

Limits will apply only for interest paid to partner and not when paid to other person.

Shruthi Nachammai

CA Inter

★ 4K+

1

34

Salary

answered 19 hrs ago

Gift given by employer to employee in monetary form of Rs.3000 is taxable or not

latest answer

Gotcha, Thanks!

Lavi Lavanya

CA Inter

★ 6K+

7

67

Leverages - MCQ 1 & 2

answered 1 day ago

There is error in the answers of the MCQ test. Its showing wrong explanation.

latest answer

These two MCQs have been corrected

Pranesh N

CA Inter

★ 3K+

4

37

Exemption under GST

answered on 22-Apr-24 10:20

Entry 77 :- Service by an unincorporated body or a non- profit entity to its own members by way of reimbursement of charges or share of contribution Here in this exemption , there is a limit of ₹7,500 If exceeded such limit, then my question is whether Entire amount taxable or Excess over 7500 is only taxable? Not only in this entry How to interpret in general to some entries with a limit but not provided sufficient details in the TB.

latest answer

Oh my gosh!!! I thought Excess over limit is taxable Thank you sir ✅

Sai Akash rockster

CA Inter

★ 5

4

36

Activity based costing

answered on 22-Apr-24 09:30

Pls solve any one activity based costing

latest answer

yes!

Bhuvan Bhaskar

CMA Inter

★ 2K+

3

40

Forex

answered on 21-Apr-24 11:04

I didn't understood Why the rates are different??

latest answer

1.02 cents cent is 1/00th of a dollar so 1.02 cents in dollar terms = 1.02/100 = 0.0102

nazriya nasar

CA Final

★ 7K+

4

52

Free class till May 24 exam

answered on 20-Apr-24 17:15

Dear, please provide free classes for fr,AFM & IDT till May 24 exams in this app.please provide it is great help for may 24 students

latest answer

Regret we have no such plan - pls watch our free revision videos

Raja Saiteja

CA Final

★ 5

1

64

Ind AS 37 disclosure requirement

answered on 21-Apr-24 19:17

In extremely rare cases, disclosure of some of the information required can be expected to prejudice seriously the position of the entity in a dispute with other parties on the subject matter of the provision. In such a case an entity need not disclose the information. Any example available for this scenario

latest answer

Say a company has made a provision for court case. Which means, they are likely to lose the case. If you give more details, the other party may take advantage.

swaminathan sundaram

CA Final

★ 110

1

28