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FEMA question Reason of answer A
Corporate & Other Laws
answered on 04-Apr-22 10:46
Plz explain reason
latest answer
Inward remittance from abroad shall be through banking channels or out of funds held in NRE/ FCNR(B)/ Escrow account maintained in accordance with the Foreign Exchange Management (Deposit) Regulations, 2016. Residents cannot pay for purchase or sale of equity instruments of an Indian company by a person resident outside India as pep RBI guidelines
Gopika Bansal
CA Final
★ 2K+
1
470
As 12
Accountancy
answered on 05-Apr-22 10:47
Sir I have an ambiguity in how can we say a grant is promoters contribution sir
latest answer
Ok sir thank you sir
Pandusml V
CA Final
★ 4K+
2
417
Industrial Training Query
Others
answered on 03-Apr-22 20:56
Let's see a hypothetical situation. As per icai one can go for industrial training anytime after 18 months of articleship. Companies hire trainees ranging from 12-18 months timeline. For instance if a candidate has done his 18 months of articleship. Then join Industrial training for period of 12 months. Then can he again do articleship under CA for balance period (i.e, 6 months) ?
latest answer
Yes
Likhith Sai
CA Final
★ 41K+
1
428
Equations - Exercise(B)
Maths & Stats
answered on 03-Apr-22 20:27
I can't understand this sum totally, pls explain me
latest answer
Ok Tqð???
Lathika
CA Inter
★ 6K+
3
498
Valuation of perquisites
Direct Taxation
answered on 03-Apr-22 19:22
What is difference in valuing perquisite of furnished or unfurnished accomodation And valuing perquisite of furnished or unfurnished accomodation at concessional rent? How to identify the difference in questions? I use icai study material, there is no difference which I feel Please reply.
latest answer
Difference is the valuation for the furnishing part. In case of concessional rent, rent recovered is reduced
Aswin Subramanian
CA Inter
★ 510
1
471
REVALUATION GAIN AND REVALUATION LOSS IN CONSOLIDATED FINANCIAL STATEMENT
Accountancy
answered on 04-Apr-22 10:44
In advanced accounting consolidated financial statements in video number 61 the additional depreciation and saving in depreciation is computed for annual basis though the revaluation was done on 1.4.2016 . Shouldn't we put have to charge for 6months instead of 12 months because revaluation is done only for half year ...that is 10000/2 for additional depreciation and 1500/2 for savings in depreciation.
latest answer
ð???
Suren 15120
CA Inter
★ 2K+
4
477
Articleship
Others
answered on 04-Apr-22 20:36
At the time of filling form 108 if Ihave excess leaves, if I fill form 107, after excess leave period has been served again I need to fill form 108?
latest answer
OK, Thank u
umentala sahithi
CA Final
★ 2K+
2
435
Doubt
Accountancy
answered on 04-Apr-22 18:29
In this question (refer below image) why when calculating purchase consideration we didnt took the agreed value of debentures ? We had taken book value..
latest answer
Issue is after takeover
Sri kanaga Varshini
CA Final
★ 3K+
2
585
AS 2
Accountancy
answered on 04-Apr-22 18:23
In a manufacturing process of vinay Ltd one by Product BP emerges besides two main products Mp1 & Mp2 apart from scrap. Details of cost of production process is here Raw material 15000 units amounting â?¹ 160000, wages â?¹ 82000, fixed ohs 58000 & variable ohs â?¹40000. Output Mp1 produced 6250 units and closing stock 800 units . Mp2 produced 5000 units and closing stock 200 units . BP produced 1600 units. Avg. Price of Mp1 & Mp2 is â?¹80 & â?¹50 per unit respectively .By product is sold at â?¹ 25 per unit . There is a PROFIT OF 5000 on sale of by product after incurring separate processing charges of â?¹ 4000 & packing charge of â?¹6000. â?¹6000 is realised from scrap . calculate value of closing stock of Mp1 & Mp2 as on 31st March 2012. Solution : Net joint cost = raw material + wages + fixed ohs + variable ohs - Nrv of by product - scrap . So here sir calculated NRV of by product 1600 unit �?â?¹ 25 price - 4000processing charges - 6000 packing charges And my doubt is why it's not 1600 unit �? â?¹25 price -4000 processing charge - 6000 packing charge - 5000 profit on sale of by product ? Is profit should be ignored in such situation or considered by deduction.
latest answer
Also there is no restriction to reduce the profit from NRV to allocate cost
Vipul Kumar
CA Inter
★ 240
2
692
Recovery of unrealised rent
Direct Taxation
answered on 03-Apr-22 19:26
sir from my first direct taxation class from another institute i learned that Recovery of unrealised rent by the assessee any unrealised rent which is not allowed as deduction in the past year will not be taxable in the year of recovery. The excess recovery will be taxable as income from house property after giving 30% as Standard deduction. sir my doubt is in PROBLEM NO. 3 FROM IFHP-ILLUSTRATION is any provision like above stated is exist ? IF exist the treatment of UNREALISED RENT in problem 3 is will be like this? Unrealised rent claimed RS. 22,500 (in PY 2008-09) out of which allowed as deduction is RS.16,500 disallowed unrealised rent is RS. 6,000 [ since disallowed unrealised rent RS. 6,000 is taxed in the AY 2009-2010 , Recovery in excess of RS. 6,000 only in taxable in hand of assessee] Unrealised rent recovery in excess of RS. 6000 is RS. 4500 (10500-6000) There fore Unrealised rent in Statement of IFHP is 70% of RS.4500 is RS. 3,150 is that is correct sir ?
latest answer
Your understanding is correct. Only that part of income which was not taxed earlier will be taxed subject to standard deduction
Muhammed Salih
CA Inter
★ 18K+
1
670