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S.32 Red herring prospectus
Corporate & Other Laws
answered on 29-Mar-23 12:26
Section 32 (2) - A company proposing to issue a red herring prospectus, shall file it with the Registrar at least 3 days prior to the opening of the subscription list and the offer. Doubt: What does "subscription list" here refers to?
latest answer
It's the same
Girinath A
CA Inter
★ 765
5
621
IFOS
Direct Taxation
answered on 31-Mar-23 16:30
Pankaj gifted an amount of rs 3,00,000 to his wife, Nikki and rs 2,00,000 to his daughter, Pinki aged 20 years, on 1st April 2019. Both Nikki and Pinki invested the amounts on the same date in Government of India 11% Taxable Bonds. The interest accrues yearly and is reinvested in the same bonds. Determine what will be the amount taxable in hands on Nikki for A.Y. 2023-24? (a) rs 4,473 (b) rs 12,132 (c) rs 33,000 (d) Nil Answer is option B, but How? Give explanation
latest answer
Interest on interest invested will be taxable in the hands of the recipient i.e. the wife
Thasneem Banu
CA Final
★ 24K+
3
8K+
PGBP
Direct Taxation
answered on 28-Mar-23 22:31
Mr. C, aged 35 years, is a working partner in M/s BCD, a partnership firm, with equal profit sharing ratio. During the P.Y. 2022-23, the firm has paid remuneration to Mr. B, Mr. C and Mr. D, being the working partners of the firm, of rs 2,00,000 each. The firm has paid interest on capital of rs 1,20,000 in toto to all the three partners and the same is within the prescribed limit of 12%. The firm had a loss of Rs 1,12,000 after debiting remuneration and interest on capital. Note – Remuneration and interest on capital is authorized by the partnership deed You, being the CA of Mr. C, are in the process of computing his total income. What would be his taxable remuneration from the firm? (a) rs 2,00,000 (b) rs 1,51,600 (c) rs 1,27,600 (d) rs 1,50,000 Give explanation with answer
latest answer
I think Total book profit 488000 I.e before charging remuneration so that 488000-600000=112000 loss According to section 40b Maximum remuneration payable when book profits greater than 300000 Is 270000 +60% of (488000-300000) = 382800 So divide ➗ by three partners Per partner 127600 taxable as per 40(b)
Thasneem Banu
CA Final
★ 24K+
1
7K+
Linking adhar with pan .
Indirect Taxation
answered on 30-Mar-23 10:25
Linking due date extended to 30th June For exam which date is applicable
latest answer
yes. all shoudl link
Madhu Reddy
CA Inter
★ 4K+
5
483
AS 11
Accountancy
answered on 29-Mar-23 09:15
Adjustment wil be done for 5 lakh or 75 lakh
latest answer
5 lakh at repayment. 70 lakh restatement
Rifhat Khan
CA Inter
★ 28K+
1
389
Returns
Indirect Taxation
answered on 30-Mar-23 09:43
Is this correct or is it 30th nov?
latest answer
Can you please give the details of video you are referring to. Thanks
Sugam SM
CA Final
★ 9K+
7
444
TDS
Direct Taxation
answered on 26-Sep-23 23:53
Mrs. Kajal, the General Manager of M/s Gold Ltd. was paid a salary rs 4,50,000 per month. The above salary includes non-monetary perquisite of rs 50,000 per month. As per the terms of employment, tax on non-monetary perquisite is to be borne by M/s Gold Ltd. Mrs. Kajal’s contribution towards PPF is rs 1,50,000. What would be the amount of tax to be deducted by M/s Gold Ltd. from the salary of Mrs. Kajal if she intimated M/s Gold Ltd. to opt for provisions of section 115BAC for A.Y. 2023-24? (a) rs 13,80,427 (b) rs 15,52,980 (c) rs 12,54,936 (d) rs 13,88,970 Give explanation along with answer
latest answer
A - 13,80,427 After opting 115BAC she not able to take Deduction of Section 10 That is Standard Deduction of ₹50,000 & exemption of VI-A 1,50,000 So her total Taxable income is 54,00,000 and Tax on it is 13,57,500 On Non monetory prerequisite tax brone by Employer So non monetory prerequisite is ₹50,000 * 12 = 6,00,000 Hence tax on it is 13,57,500/54,00,000*6,00,000 = 1,50,833 Tax payable by Mrs kajal is ₹ 13,57,500-1,50,833 = 12,06,667 Add : surcharge @ 10% = 1,20,667 13,27,334 Add : education & health cess @4% = 53,093 Tax payable by Mrs kajal is ₹ 13,80,427
Thasneem Banu
CA Final
★ 24K+
4
2K+
Tax liability computation
Direct Taxation
answered on 17-Nov-25 17:51
Mr. Rishabh, aged 65 years and a resident in India, has a total income of rs 4,50,00,000, comprising long term capital gain taxable under section 112 of rs 85,00,000, long term capital gain taxable under section 112A of rs 75,00,000 and other income of Rs 2,90,00,000. What would be his tax liability for A.Y. 2023-24. Assume that Mr. Rishabh has opted for the provisions of section 115BAC. (a) rs 1,41,40,750 (b) rs 1,38,86,990 (c) rs 1,38,84,390 (d) rs 1,39,81,240
latest answer
For LTCG, the maximum rate of surcharge is 15% only.
Thasneem Banu
CA Final
★ 24K+
11
5K+
Directors sitting fees
Accountancy
answered on 28-Mar-23 18:24
How do we treat directors sitting fees in calculation of profit u/s 198
latest answer
Deduct from net profit
disha sharma
CA Inter
★ 1K+
1
391
Insurance claims
Accountancy
answered on 31-Mar-23 14:27
Why in calculation of short sales trend not considered?
latest answer
In the first picture also same info given then why have the considered the assumption of no trend? Also for calculating trend we should require 2 financial years but here, there is no complete information regarding 2 financial years, how? Can you please help with this?
Vasu Naidu
CA Inter
★ 0
4
493