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TCS on Sale of Motor vehicle
Direct Taxation
answered on 12-Mar-25 16:18
I have a doubt regarding the TCS section 206(1F & 1H)... The section 206(1F) says that TCS will apply sale of Motor vehicle & notified goods exceeding 10 Lakhs. Sec 206(1H) will apply to sale of goods exceeding 50 Lakhs. 1) what if I purchased 50 lakhs worth of goods which sec would apply ? 2) what if I purchased a 5 motor vehicle worth 12 Lakhs in a single sale which sec would apply ?
latest answer
1F will override 1H
Jashvanth.K
CA Inter
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1
214
Liability clause
Corporate & Other Laws
answered on 15-Mar-25 15:39
Mam. Wt if the person who guarantee the liability nd he become insolvent or something then at the of winding up who will contribute that amt?
latest answer
In such case the left over assets of the insolvent person are used to contribute towards his debts including the amount due company
Bhavani Hadpad
CA Inter
★ 5K+
1
198
Name clause
Corporate & Other Laws
answered on 15-Mar-25 15:27
Can a govt company can use a nation related names as it's company title
latest answer
Can do with CG approval as per rules
Bhavani Hadpad
CA Inter
★ 5K+
1
205
Penalty
Corporate & Other Laws
answered on 15-Mar-25 12:22
Mam if he didn't take any loan after 6mon can he just run the company with less min no. of members
latest answer
Yes the company may continue. But then also it's contravention of the Act so, sooner or later, penalty will apply if they are caught
Bhavani Hadpad
CA Inter
★ 5K+
1
221
What if lessor acquired another asset
Financial Reporting
answered on 12-Mar-25 14:09
I supplier owns only one which is suitable for contract is an identical asset. Sir but what if the subsequently the lessor acquired another rolling stock.... Whether it turns to unidentified asset? and turned out from lease contract?
latest answer
If another asset is acquired and the asset is not longer identifiable, then it is outside the scope of Ind AS 116
Ramamoorthy Kaliyaperumal
CA Inter
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1
176
Branch
Accountancy
answered on 12-Mar-25 07:00
a) What would be the exchange rate of computer Cl, op or avg Pls explain this point
latest answer
Some of the information, say for example, assets or closing stock they will provide the actual dollars(in some problems) so we directly take it as the actual amount for convertible from ruppe to dollars
Sushmita Chowdhury
CA Inter
★ 2K+
5
239
balance sheet Format
Financial Reporting
answered on 12-Mar-25 07:04
Sir in this questionn while preparing the consilidate BS, we considered the given BS format only, as we didnt mentioned the FInancial assets heading for Trade recivables..... in BS , so in exam we can use the given BS format or we should do as per comapnies act Division II format ?
latest answer
Do as per Sch III in exams
Hemachandra D
CA Final
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1
185
Classification of FA in Illustration 9
Financial Reporting
answered on 12-Mar-25 14:11
Why/How is the FA assumed to be measured using FVTOCI since there is no mention of any intention of the entity to sell the FA in the question?
latest answer
Based on info given in question we have considered it as FVTOCI. If it was FVTPL, transaction cost would be expensed.
Ruthvik Reddy Adala
CA Final
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1
187
Seperate Financial Statement of Normal Entities
Financial Reporting
answered on 12-Mar-25 14:12
Sir, for preparation of Seperate FS of Normal eneities who dont have subsidiary/asscoiate/JV, for those no specific IND AS as such right ?, say if its company for whom IND AS applicable then for preparation of FS we have to consider the companies act format, guidance and apply IND AS for the items of the FS am i right ?
latest answer
Companies ACt has a separate format for financial statements for Ind As. That would be followed. Also note that Ind AS 27 provides more of a guidance on specific matters to be dealt in SFS
Hemachandra D
CA Final
★ 9K+
1
206
Goodwill Treatment
Financial Reporting
answered on 11-Mar-25 20:28
Sir goodwill will not be treated seperately right in case of asscoiate for this problem ?, they will be just disclosed
latest answer
Yes
Hemachandra D
CA Final
★ 9K+
1
167