Forums
LLP Act 2008 - Resident in India
Corporate & Other Laws
answered on 16-May-22 07:54
Hello, Is there any chage/ammendment in number of days(182) a person should have stayed in India during immediately preceding one year for the purpose of designated partner of LLP(as per sec 7) like in OPC. Thankyou.
latest answer
Yes
Aswin Chandar
CA Final
★ 40K+
5
616
Loss of stock
Accountancy
answered on 15-May-22 10:11
How the Gross profit percentage is 1/3.
latest answer
Previous year gross profit is 20%. So if S.P = 100, GP = 20 Next year S.P inceased by 20. So revised SP is 120, Cost is 80 (assumed to be same) and GP = 40. So GP ratio is 33.33%
uma uma
CA Inter
★ 5K+
1
363
As. 1
Accountancy
answered on 14-May-22 23:24
What will be the answer if question contain not going concern and what it's treatment
latest answer
Yes it is not a policy....it is fundamental accounting assumption
Lakki Kamu
CA Final
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471
LLP - Financial year
Corporate & Other Laws
answered on 25-Aug-25 16:42
Hello, Kindly explain the financial year of a LLP incorporated after 30th of September. Will the Income tax departments guidance supercede LLP Act's provision to consider 31st March of year next following that year. PFA SM Pic. Thank you.
latest answer
As per the LLP Act, the financial year of a Limited Liability Partnership (LLP) is from 1st April to 31st March. However, if the LLP is incorporated after 30th September in a year, then the LLP has an option to either: 1. Close its financial year on 31st March of the same financial year, or 2. Extend the financial year to 31st March of the next year. For example, if an LLP is incorporated on 5th October 2024, it can either: - End its first financial year on 31st March 2025, or - Extend it and end the first financial year on 31st March 2026. This flexibility is given only under the LLP Act. However, as per the Income Tax Act, there is no such flexibility. The financial year for income tax purposes is always from 1st April to 31st March. So, even if an LLP is incorporated after 30th September, it must still close its books on 31st March of that year and file income tax returns accordingly. This means that for ROC compliance (as per LLP Act), the LLP can opt for an extended financial year. But for income tax filing, the LLP has to prepare its financials and file returns for the period up to 31st March, even if it is just for a few months. So, the Income Tax Act does not override the LLP Act. Both laws operate independently for their respective purposes. To get detailed info, you can reach out to any firm/company of CAs and CSs that provides Business Registration and also tax filing services (e.g. Setindiabiz).
Aswin Chandar
CA Final
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4
1K+
May2022
Exams
answered on 15-May-22 10:08
All the best friends
latest answer
All the best! Stay calm and write well. Always remember 50-60% of the paper will be attemptable.
Sajeetha R
CA Final
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10
630
FS
Accountancy
answered on 14-May-22 20:07
How p and l is prepared when going concern is not assumed
latest answer
Thank you
Umayal Lakshmanan
CA Final
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2
424
Insurance
Accountancy
answered on 14-May-22 19:34
While calculating adjusted annual turnover, in few sums trend have been adjusted for current year and in sums its not adjusted. Which one should be followed in exam?
latest answer
Ok. Thank you
Umayal Lakshmanan
CA Final
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3
424
Financial Statement of companies
Accountancy
answered on 14-May-22 18:03
Is Interim dividend paid as expenses or only adjusted in P&L A/c balance (BS)...?
latest answer
Tanq frnd
Ravikumar Pandi
CA Inter
★ 2K+
4
424
Consolidated Financial statements
Accountancy
answered on 16-May-22 13:15
What is the adjustment for dividend paid to minority shareholders in Cons. FS ? Where is this amount adjusted ? In case of Holding co. It is adjusted either by bank and p&l in case of post acquisition AND P&l and investment in case of Pre acquisition( if cr wrongly before ) But, how to adjust the balance amount of dividend for minority shareholders?
latest answer
Thankyou so much sir.
Madhaan S
CA Final
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16
687
80CCD
Direct Taxation
answered on 18-May-22 10:27
Should 80CCD(1B) Be calculated first that 50,000 and then balance to be checked in 80CCD(1) Always??
latest answer
Got it
Nikhil Vasanth
CA Final
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4
475