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Taxation of trust.
Direct Taxation
answered on 15-Apr-24 14:52
Sir, in the calculation of anonymous donations to be part of normal income, whether such TOTAL Donations include grant received from government?
latest answer
It is practically taken into account.
manideep martha
CA Final
★ 10K+
3
334
Q2- Embedded Derivatives
Financial Reporting
answered on 10-Apr-24 16:23
Sir, are we not entering into the forward contract and in that case no matter what the spot rate is at, we will have the agreed Forex rate on the settlement date and going by that would not the buyer incur loss as he had to give more INR against USD.. If forward was not entered into, why are we passing entries as forward is live...
latest answer
However, if one party had $ as their functional currency, the case would have been like a normal import transaction.
Venky Balamurali
Qualified CA
★ 0
2
274
ICAI MTP September 2023 Series 1 Doubts
AFM
answered on 06-Apr-24 13:52
Sir I have doubt in SFM (old course) September 2023 MTP Series 1 released by ICAI. Sir, in Q. 1(a), it says Mr. P agrees to forward contract to Sell US$ at Rs.75.4/$ on 31st december 2021 Remittance received on 28.1.2021, delivery to be taken on 30.11.2021 by bank, which means bank buys dollar at spot rate as per my understanding But suggested answer says bank sells at spot rate Rs. 75.22 wothout swap points, on 28.11.21, it buys at forward rate on 31.12.21 at 75,42 with swap points and not at 75.40 agreed upon forward rate. Whereas it should be buy forward at 75.4 and sell spot at 75.42 (75.27 + swap 15 basis points). Iam confused. Kindly clarify sir?
latest answer
ICAI solution is correct - have solved this in Q 96 of p590 compiler . pls have a look - page 429 https://1fin.in/AFM_P590 Also logic of how Fate of forward contract transactions are handled are explained in class and brief is given in pages 156 - 158 https://1fin.in/AFMT380 What ICAI has done is right
Rohit Ramesh
CA Final
★ 0
1
559
Calculation
Financial Reporting
answered on 08-Apr-24 09:03
All these workings are very easy on excel but it is not possible to do on pen and paper for 60 months. What exactly should we be prepared for from the exam POV for these type of questions?
latest answer
understood sir thank you
Dhvaritha Ravishankar
CA Final
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2
176
CGST sec 9(4)
Indirect Taxation
answered on 12-Apr-24 19:10
Input and input services purchases by a real estate sector is given and the requirement is to find out the RCM payable (kindly refer attachment) In case of other input, in order to find whether input and input services are more than 20%, we should consider cement also in numerator as purchases from unregistered? (As provided) Or instead the numerator will be 10 only, because we paid tax for cement under rcm. In such case the RCM will be 10.4 only as input services are less than 20%. [10÷125=8%]
latest answer
Ok Thank you sir
Anu T
CA Final
★ 0
2
305
rules for valid acceptance
Corporate & Other Laws
answered on 07-Apr-24 12:17
if a counter offer is made and the offeror accepts the counter offer of offeree then will it be a binding contract ?
latest answer
thanks
Bharavi Kothari
CA Foundation
★ 20K+
2
182
Dividend
Financial Management
answered on 11-Apr-24 00:34
Did they assume 50% for d?this is from November 2023 question paper
latest answer
Please be clear and specific as to what exactly is the doubt
Ramya Telikicherla
CA Final
★ 6K+
1
305
Put call parity
AFM
answered on 06-Apr-24 06:39
K is strike price and we have to pay in case of call option K is strike price and we will collect in case of put option. Then in case of put option,if put option not exercised then how K become pay off to seller? I mean, it is not our money.
latest answer
Ok sir Tq.
Hanumanthu Rajesh
CA Final
★ 7K+
4
360
Mtps
Financial Management
answered on 05-Apr-24 21:28
Sir here at the time of calculation of tax shield on capital loss why capital loss is multiplied with 30%? Tax rate given in question is 40%.
latest answer
Must be a mistake - it should be 40%
lohith perumalla
CA Inter
★ 8K+
1
271
Amalgamation
Accountancy
answered on 10-Apr-24 16:14
Is it in the nature of Merger or Purchase
latest answer
All shares are being exchanged or bought So 100%.
036 137
CA Inter
★ 4K+
10
303