Forums
Partnership Introduction
Accountancy
answered on 05-Oct-20 17:52
There is a video explaining the drawings drawn on different dates I didn t understand the logic Sir is saying. But based on before working of sum I understood like this Still I didnt understand how to calculate drawings taken at mid of every month. EXPLAIN like how I did in the image
latest answer
Okay.
Prasanth Kumar
CA Inter
★ 13K+
6
733
Set off
Direct Taxation
answered on 06-Oct-20 17:39
In this question how is this presumption possible, it is already given that it is discontinued in p.y 2014 -2015 And it is iron ore business which is a specified business rite ? Carried forward is only possible for 4 years rite ? How is this carried forward possible and is this presumption rite ?
latest answer
Yes. The loss of discontinued business can be carried forward.
Swathi Krishna
CA Final
★ 8K+
3
690
Prospectus
Corporate & Other Laws
answered on 05-Oct-20 13:08
What is the difference between Section 26(2) and Section 31?
latest answer
Sec 26(2) talks about non applicability of section 26. It covers a situation where shares/debentures are being issued to EXISTING MEMBERS/DEBENTURES ( eg: right issue) OR issue of shares/debentures is uniform in all respect & are already listed on RSE (Eg: bonus shares) Sec 31 talks about shelf prospectus. In that one or more than one issue of securites is made over the period of time to different people. The same shelf prospectus gives details of all those issues. Section 26 requirement are to be complied with in that case. (Eg: co. raises 1 crore Rs. By making 2 issues of shares of 50 L each over the period of a year). Same shareholders may or may not participate in second issue.
Chandan Subudhi
CA Final
★ 12K+
1
609
Appointment of first Auditor
Auditing
answered on 05-Oct-20 15:20
Sir , In case of govt companies CAG and other companies BOD will appoint First Auditor. So Does Members Bind That appointment Sir? I mean the appointment have to approve in AGM. There is no Agm in initial how to approve the appointment sir by members
latest answer
First auditor holds office from date of appointment till date of first AGM. Members appoint auditors from first AGM onwards.
M Naresh
CA Final
★ 3K+
1
618
Query
Others
answered on 05-Oct-20 15:39
Can I know when u r going to include calculator tricks in ur videos ??
latest answer
Few tricks will be provided in a week's time.
Reetikaa R
CA Final
★ 7K+
1
618
Parnership Introduction
Accountancy
answered on 06-Oct-20 18:21
In the 4th video there is a sum regarding division of profit But sir didn't take drawings WHY
latest answer
Thamk you
Prasanth Kumar
CA Inter
★ 13K+
6
631
Audit report
Auditing
answered on 05-Oct-20 19:09
Will audit report format come for exams?
latest answer
K ,thax sir
Swathi Krishna
CA Final
★ 8K+
2
637
CRR, SLR, Capital Adequacy Ratio for Nov 2020 exams
Accountancy
answered on 01-Jun-21 09:19
What is the applicable CRR, SLR, Capital Adequacy Ratio for Nov 2020 exams
latest answer
Since Study Material is recently updated and is specifically available for May 21 exams - pls follow that
J J
CA Final
★ 180
11
2K+
Capital Gains
Direct Taxation
answered on 04-Oct-20 19:37
Sir,What is the gross consideration taken when assess converts capital asset into stock and when will be chargebility under sec 45 (2).
latest answer
Gross Consideration is FMV on the date of conversion . Year of chargability is on which year that stock gets sold . Excess from gross consideration is taxed under pgbp .
M Naresh
CA Final
★ 3K+
1
686
Penalty- Deduction
Direct Taxation
answered on 05-Oct-20 15:46
Please help me with this question Mr A running a business of manufacturing steel castings was charged penalty by RK Steels, his suppliers for paying dues 2 months late. Is this penalty a deduction while computing income tax? Will your answer change if such penalty was charged by GST Authorities for late payment of GST?
latest answer
For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure. Penalty charged by supplier allowed. Late payment of GST is not an offence prohibited by law. Hence will be allowed.
Suraj Narayanan
Qualified CA
★ 7K+
1
664