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LTC 10(5)
Direct Taxation
answered on 30-Jun-26 21:04
Sir,Whether LTC exemption U/s 10(5) can be claimed in respect of a major (adult) son or daughter who is partially or fully disabled? If yes, whether any dependency condition is required to be satisfied.
latest answer
Ok sir.Thank You
Rajesh Mutyala
CA Inter
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127
LTC U/s.10(5)
Direct Taxation
answered on 30-Jun-26 13:55
Sir,U/s 10(5) of the Income tax Act, exemption for LTC/LTA Kindly clarify the following: 1.In the case of children, is there any age limit prescribed for claiming LTC/LTA exemption? 2.How should "wholly or mainly dependent" be determined for:Parents,Brothers,Sisters,Children 3.Can LTC exemption be claimed for parents, brothers, or sisters who have their own income but are substantially dependent on the employee? 4.What documents should be maintained to substantiate dependency in case of scrutiny? [Video Time Stamp: 18:12]
latest answer
No age limit. No concept of dependancy.
Rajesh Mutyala
CA Inter
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1
101
Illustration 1
Accountancy
answered on 24-Jun-26 11:07
Kindly provide journal entries for illustration 1. like how Progress billing is done, what happens to construction wip! Journal entry would help I'm understanding the accounts. [Video Time Stamp: 08:58]
latest answer
Okay.
Geeta B
CA Inter
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6
140
% of certified work
Accountancy
answered on 24-Jun-26 10:52
Even though 55% of work is completed. Only 45% of work is certified. How can we recognise 55% of revenue? [Video Time Stamp: 08:02]
latest answer
ok sir. thankyou
Geeta B
CA Inter
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2
84
Question 17 -Business combination
Financial Reporting
answered on 29-Jun-26 16:59
Having a query on why is the Non cash expense (Depreciation) added with the Cash Balance , on the first step [Video Time Stamp: 06:46]
latest answer
To determine the cash balance.
Srinidhi Prabhu
CA Inter
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69
Illustration 72
AFM
answered on 23-Jun-26 16:23
Sir why the effect of price elasticity not considered in part b while computing initial profit of 1872000 [Video Time Stamp: 12:00]
latest answer
First line of price change to 25000 is part P of Part B of the question Another part ( Part Q) of Part B is when price change is 25000 + exchange rate change Another part of Part B ( Part R) is with 25000 & elasticity Required solution is diff between Part P & Q and Part P & R ICAI has solved like this only - check page 10.104 https://resource.cdn.icai.org/87851bos-aps2163-ch10.pdf
Mhd Mmp
CA Final
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80
doubt
AFM
answered on 22-Jun-26 11:56
Why are we doing EBIT(1-T) as tax is charged on PAT [Video Time Stamp: 08:35]
latest answer
Sorry sir a wrong doubt from my side
pavan kumar
CA Final
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2
88
Salary doubt
Direct Taxation
answered on 23-Jun-26 22:23
Why is the answer (d) 79000 and not (a) 25000?
latest answer
Okay sir, thank you
Asmita Kar
CA Final
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6
110
% of completion method
Accountancy
answered on 22-Jun-26 13:17
As per AS 9 to recognise revenue for rendering of services if the work can be divided into stages we can use percentage of completion method . As per A7 construction contract they use percentage of completion method to recognise revenue . So whatever I learn in as 7 regarding the percentage of completion method I can follow the same in the former case as well (I mean rendering of services)? [Video Time Stamp: 06:30]
latest answer
Ok sir . Thankyou
Geeta B
CA Inter
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2
137
doubt
AFM
answered on 21-Jun-26 21:25
why we are applying tax rate in the begining [Video Time Stamp: 02:21]
latest answer
We have applied that EBITDA, EBIT and at PBT all 3 levels Do have a look at full video
pavan kumar
CA Final
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1
121