Simplifying Taxation in India
PART – II ISSUES Q.1 Revised AS 15, Employee Benefits is applicable from when and applicable to which entities? ☞ Revised AS 15, Employee Benefits was originally to be made applicable in respect of accounting periods commencing on or after April 1, 2006. However, the council of Institute of Chartered Accountants of India, decided to … Read more
ALL ACCOUNTING STANDARDSAccounting Standards are the defined accounting policies issued by Government or expert institute. These standards are issued to bring harmonization in follow up of accounting policies.Presently, Institute of Chartered Accountants of India has issued 29 Accounting Standards as listed below. AS 01. Disclosure of Accounting PoliciesAS 02. Valuation of InventoriesAS 03. Cash Flow … Read more
Selected Notified Defonitions Under The Companies Act, 2013 1 Abridged Prospectus > Memorandum > Salient features of prospectus > SEBI 2 Associate Company > Significant Influence(20%) > Includes Joint Venture Company > 20% of total share capital Total sh cap means i) Paid up sh capital and ii) Convertible Preference sh capital > Shares held … Read more
CA IPCC & Final May 2015 Results date officially announced.(Date Declared) CA IPCC And CA Final Result Date May 2015. Recently on 17 May 2015 CA IPCC and CA Final May 2015 Exams are completed and Here we are providing CA Final May 2015 Expected result Date and CA IPCC May 2015 Expected Result Date. … Read more
The Central Government acquires a house property owned by Mr. Manish on October 17, 2005 fixingcompensation at Rs. 32,00,000. The indexed cost of acquisition of this house property is Rs. 28,00,000. The Government paid Rs. 20,00,000 partly on May 13, 2010 and balance on March 11, 2012. Being aggrieved against the award, Mr. Manish filed … Read more
1.X Ltd. has entered into a contract by which it has the option to sell its identifiedProperty, Plant and Equipment (PPE) to Y Ltd. for ` 100 million after 3 years whereas itscurrent market price is ` 180 million. Is the put option of X Ltd. a financial instrument?Explain.AnswerIt is necessary to evaluate the past … Read more
1. CIT vs Kribhco(2012) 209 Taxman 252 (Del.)~~~~ INCOME FROM SALARIES ~~~~2. CIT(TDS) vs Director, Delhi PublicSchool(2011) 202 Taxman 318 (P & H)3. CIT vs Shankar Krishnan(2012) 349 ITR 685 (Bom.)~~~~ INC4. Azimganj Estate P Ltd(2012) 206 Taxman 308 (Cal.)5. New Delhi Hotels Ltd. (2014)(Del.)Selected cases – At a GlanceCA. Ashish Goyal, Advocate 1– BY … Read more
Direct Tax Laws Amendments For May 2015 Summarized Rates of Income-tax (Annexure 1. PgHouse Property24 In case of SOP (where conditions of section 24) are satisfied, Limit for interest u/s. 24 shall be taken as` 2,00,000 instead of the earlier limit ofBusiness/ Profession Head43(5) As per present provision, a speculative transaction excludes:(a) Hedging transactions(b) Trading … Read more
Direct Tax LawsFinal Ca Mock Test May 2015Page 1 of 8Total No. of Questions – 7Total No. of Printed Pages – 8Time Allowed – 3 Hours Maximum Marks – 100Question No 1 is compulsory &Answer any 5 from remaining 6 questions.All the Questions relates to Assessment Year 2015-16, unless otherwise stated in thequestions. 1. (A) … Read more
1.X Ltd. has entered into a contract by which it has the option to sell its identified Property, Plant and Equipment (PPE) to Y Ltd. for ` 100 million after 3 years whereas its current market price is ` 180 million. Is the put option of X Ltd. a financial instrument? Explain. Answer It is … Read more