How is tax avoided through Bond washing transactions?
See Answer →Explain the conditions which should be satisfied for an individual to be resident but not ordinarily resident.
See Answer →Discuss the various kinds of Securities? Explain the rule regarding grossing up of interest on Commercial Securities.
See Answer →The following particulars of income are submitted by Smt. Suman Garg for the assessment year 2022-23. She lives at Delhi. i) Basic pay 10,000 p.m. ii) Dearness allowance @ 10% of salary iii) HRA 30% of basic salary. iv) Medical allowance Rs 200 p.m. (amount actually spent on her own treatment is Rs. 2,000). v) Warden ship allowance 400 p.m. vi) Rent from house Property Rs. 3,000 p.m. vii) Contribution to RPF 10% of basic salary. viii) House rent paid Rs. 6,000 p.m. ix) Donation to approved charitable institution Rs. 20,000 Compute her total income for assessment year 2022- 23.
See Answer →For the previous year 2021-22, the business income of X Ltd. before
allowing expenditure on family planning is Rs.3,00,000. The company had
incurred the following expenditure on family planning amongst its
employees during the previous year 2021-22:
(i) Revenue expenses on family planning Rs 1, 65,000.
(ii) Capital expenditure on family planning Rs 9, 00,000.
a) Compute the deduction available for expenditure on family planning to the
company assuming the company has income from other sources amounting
to Rs. 30,000.
b) What will be your answer if the revenue expenditure on family planning is
Rs. 2, 30,000 instead of Rs.1, 65,000?
Mr. Vikash is getting a pension Rs. 4,000 per month from a company. During the previous year, he got two-third pension commuted and received Rs. 1,86,000. Compute the exempted amount, if (a) he also received gratuity (b) he did not received gratuity, for the assessment year 2022-23.
See Answer →What do you understand by casual income? Discuss the provision of casual income under Income Tax Act?
See Answer →Briefly explain advantages of Computerized Accounting.
See Answer →“Consignment is the same thing as sale”. Briefly Discuss.
See Answer →What are the characteristics of a hire purchase agreement?
See Answer →What is Trial Balance?
See Answer →What is a Balance Sheet? Describe different methods of arranging assets and liabilities.
See Answer →What do you mean by double entry system?
See Answer →Write about the Business Entity Concept.
See Answer →What is an account? Describe the various classes of accounts with examples.
See Answer →Briefly describe the advantages and limitations of accounting.
See Answer →Harinath purchased on January 1, 2016, a plant for Rs. 50,000. On July 1, 2016 an additional plant worth Rs. 20,000 was purchased and on July 1. 2017, the plant purchased on January 1, 2016 having become obsolete is sold off for Rs. 20,000. On July 1, 2018, a new plant was purchased for Rs. 60,000 and the plant purchased on July 1, 2016 was sold for Rs. 15,000. Depreciations to be provided at 10% p.a. on the written down value every year. Show the Plant Account.
See Answer →Journalise the following transactions:
| 2018 | Rs. | |
| Feb. 1 | Purchased goods for cash | 18,000 |
| Feb. 2 | Purchased goods on credit from Mithun | 37,000 |
| Feb. 5 | Sold goods to Mahesh | 10,000 |
| Feb. 8 | Cash sales | 8,000 |
| Feb. 9 | Cash sales to Jayant | 7,000 |
| Feb. 11 | Returned goods to Mithun | 4,000 |
| Feb. 12 | Mahesh returned goods | 1,000 |
See Answer →
Explain the Concept of IFRS.
See Answer →What are the qualitative characteristics of accounting information? Briefly explain.
See Answer →