CAclubindia

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Hi.I am Ramesh Krishnan, Associate Memeber of ICWAI & Certified Management Accountant (CMA) by IMA(USA) Working in Bangalore

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SATHISHKUMAR says : Section 44AD
AS per ICAI Guidance Note, with respect to derivative contracts, Turnover means the total of positive and negative or favorable and unfavorable differences. Premium received on sale of options is also needs to be included. My query is whether the above calculation can be used for arriving turnover and declaring income of 8% under Section 44AD?

Sairam says : VAT
Dear Sir, My client is civil contractor (Composite Scheme) with sales of 39 00 000(39 lacs) and Input VAT of 21828 for the month of March, 2017 in Telangana State. What is the tax rate applicable and what is penalty ? Please clarify. Thanks in advance.

muhammed shanid says : Accounting
Sir , what about the expenses and purchase of fixed assets for the procurement of business before the financial year,assuming the Financial year and business started from current year and the these expenses and payments have made by the sole proprietor, how should i record and take these into accounts Read more at: http://www.caclubindia.com/experts/experts_profile.asp?member_id=85931

Aditya Patil says : Advanced accounting
In study material 3 of advanced accounting pg no. 7.18 for calculating unrealised profit they have taken increase in stock i.e. opening less closing, however in other remaining sums the cost element is calculated on closing stock. Why this is so ?? Kindly help ! Thank you !

dasari sairam says : Bills of exchange
Bank credit: Normally companies obtain short-term working capital from banks in the form of short-term loans, cash credit, and overdraft and through discounting the bill of exchange. what is bill of exchange means? it is exist in practical life??? where and who issue?? bank??? Read more at: http://www.caclubindia.com/articles/working-capital-management-1086.asp