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Exams
answered on 14-Jun-21 15:40
Sir,if i want to opt out for july 2021 foundation exam and wanted to give nov 2021 exams ..whats the procedure to do for opt out...whether icai declare opt out dates?
latest answer
You can skip / not attend - it will be counted as an attempt
Amisha Mahajan
CA Foundation
★ 2K+
4
669
exemption
Exams
answered on 13-Jun-21 21:08
I cleared 3 subjects in Group 1 CA inter in NOV 2020, but i have exemption only in one subject. how to avail exemption ? if i avail exemption, should i still write that subject or is it okay not to attend the exam on that particular day at all? could someone please clarify this ? Thank you!
latest answer
Thank you !
Bavana Ravi
CA Inter
★ 5K+
3
663
On agriculutural income and sale of agricultural property
Direct Taxation
answered on 13-Jun-21 20:16
I have two questions: 1. On sale of agricultural property - Though the sale of rural agricultural land is exempt under the computation of total income, is there a need to declare the same while filing the returns in the corresponding assessment year? 2. On the income from agriculture - Income from agriculture is exempt. Should we declare this income while filing the returns or not? And is the treatment the same for the income arising from agriculture for urban and rural area?
latest answer
Exempted incomes are also shown in return of income.
John Selvaraj
CA Inter
★ 140
1
565
22 - Computation of total income and tax payable - Illustration #3
Direct Taxation
answered on 13-Jun-21 17:28
In illustration # 3 of Computation of total income and tax payable, the assesee has shown Rs. 8000 as medical expense for the dependent disabled person. However, in computation, a deduction of Rs. 75,000 is considered. Is it correct to take the maximum limit of Rs. 75,000 irrespective of the actual amount spent?
latest answer
Sec 80U deduction is fixed either 75000 or 125000(in case of severe disability) irrespective of the amount
John Selvaraj
CA Inter
★ 140
1
529
Provident Fund
Direct Taxation
answered on 13-Jun-21 16:12
Incase of Unrecognized PF Question: lumpsum received after retirement is 12 Lakhs Employer contribution and interest thereon is 220000 and 50000 respectively. Employee contribution and interest thereon is 270000 and 60000 respectively. Answer: Employer contribution and interest thereon is fully taxable under the head salary Rs.270000 Interest on employees contribution is taxable under the head income from other sources Rs.60000 Doubt: Then what about employee contribution 270000.... why it is not taxed here?
latest answer
Thank you sir
Girinath A
CA Inter
★ 765
2
619
Set off and carry forward
Direct Taxation
answered on 13-Jun-21 14:24
Can current year business loss be set off against income from house property eventhough there is profit in other business?? For eg. Cur year House property income 1 lakh Cur year leather business income 1lakh Cur year textile business loss 1 lakh Brought forward business loss 1 lakh In this qn, can textile business loss be set off against house property income first to allow b/f business loss to be set off against cur yaer textile income??
latest answer
Ok sir..thank you
Nagesh S Hegde
CA Inter
★ 11K+
2
603
Construction Services
Indirect Taxation
answered on 13-Jun-21 16:47
As per notification 12 /2017 dated 28-6-2017. Construction for individual households is exempt from GST. And repairs and maintenance for the same are exempt? And what the term used pure labour contracts. Normally all the contracts are labour based?
latest answer
Yes*
Balamurali Unnithan M S
CA Inter
★ 3K+
4
653
Overheads
Costing
answered on 13-Jun-21 13:32
In given below questions depreciation not categorized into standing charges can we categorizes into standing charges
latest answer
Yes you can
Kanaga Mani
CA Inter
★ 3K+
1
543
Allowance
Direct Taxation
answered on 13-Jun-21 12:15
His (i.e. Employee) son is studying in USA and stays in a hostel for which he gets Rs.3000 p.m. as combined allowance. For the above question which of the following answer is correct? 1. Combined allowance---> 3000*12=36000-----> Fully taxable (or) 2. Combined allowance received =36000 Less: Children's Education allowance (100*12) =1200 Children's Hostel allowance (300*12) =3600 Taxable allowance = 31200
latest answer
2nd option
Girinath A
CA Inter
★ 765
1
611
Doubt related exam
Exams
answered on 13-Jun-21 12:24
I am from 2020-21 batch waiting for result . I am not prepared for nov2021 and not registered my self yet . I want to go with may 2022 so can I drop this year or I mean is it acceptable ? Or at what time I should register .. this time or at Dec 2021
latest answer
You can register for CA foundation any time before 31st dec in order to write for May 22 exams
Piyush Kishore
CA Foundation
★ 0
1
572