CAclubindia

Queries Replied : 2116

hi this is CA Devanshi Gandhi from ahmedabad and cleared my CA in May 2008. I am practicing since 2009 as a partner in Ajani & Gandhi

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khyati Trivedi says :
Madam, my query is relating to accounting of refund of I.tax received for earlier assessment year. Please note that in our books we have made excess provision of taxation , so the amount of refund received is higher than the difference between the adv.tax and tax prov. for the respective AY. Still the Assessment is not even initiated by the tax authority. I want to know the accounting treatment of refund. I think I cant set off the ledgers of Tax prov. and Adv.tax , until the assessment is over.

Priyanka Goyal says : Share Based Payments (ESOP)
while recognizing expenses for the share based payments, when there is a change in Fair value then why the decrease is ignored. and If there is a increase in Fair Value (due to reduction in exercise price or some other way) then why only the incremental part is considered and not the revised fair value . I mean what's the logic behind that. for eq. if the fair value considered earlier was 15 for recognition of expenses , and after that there is a reduction in exercise price ie. originally FV before reduction is 14 and after reduction it is 17 then we have to consider 15+3 ie. 18 as a FV to recognize. not the 17 why???

Sudheer J. Sarvate says : Wealth Tax
I own one flat of Rs. 45 lakh for residential purpose singally on my name. I have purchased one more under construction residential flat of Rs. 80 lakh from a builder ( this is also singally on my name) of which agreement will be prepared in January 13 and possetion is expected in January 14. Now i have made installament payment of Rs. 40 lakh in the F.Y. 11-12,then whether I have to pay the wealth tax in the F.Y. 11-12 & 12-13. Kindly advice