18 April 2023
Adjustment:- 1)Cash purchases and cash sales are not yet recorded 2)a sale transaction of 40000 is not recorded in books Difference between them and their treatment in Income from Business? In first case they were recorded as it is but in second one they have calculated Profit on aale( On Gross Profit 15%) and then recorded as unrecorded income ?
21 April 2023
Cash purchase and cash sales are recorded the net is only income. You are right the total sales should have been shown as income as purchase is recorded.
21 April 2023
Sir they are not of one problem in one problem when they have given cash sales and cash purchases are not recorded in adjustment then they have recorded as unrecorded Income and unrecorded expenditure but in another problem they have given sales of 40000 is not recorded in adjustment and in solution they took those sales after calculating profit on it Why sir both are cash sales then why it is different?
07 May 2023
Sir under sec 112 A STT paid is compulsory at the time of purchase and Sale of LTCG on Equity shares to recognised stock exchange but it asset is acquired after 1/10/2004 then stt paid will be only at the time of Sale then also can we apply this Sec 112 A section and claim exemption of 100000 if it's sold to recognised stock exchange ?
07 May 2023
Sri. Munnalal an Indian citizen left for Sri Lanka for the first time on 1st October, 2018 as computer expert on employment basis. He came back to India on 31st May, 2019. He left for Bangladesh on 5th December, 2019 and returned to India on 10th June, 2020 and left thereafter to China on 10th March, 2021 and returned on 10th December, 2021. Determine his residential status for the previous year 2021-22. In this he is considered as special category is this because he doesn't come under General Category and he is in India for the last 11 years which is a condition for General category For this we shouldn't check The previous year 2021-2022 for AY 2022-2023?
31 May 2023
Rent-free Furnished Accommodation owned by employer having a Fair Rental Ve of 60,000 p.a; Cost of Furniture 88,000; Rent fixed by Govt. 24,000 p.a Population and city not given
01 June 2023
1)ERV highest of 2 FRV MRV 2)AERV least of 2 ERV SRV 3)ARV Rent received + outstanding rent - unrealised 4)Highest of AERV ARV selected And 5)Adjusted ARV is ARV - Vacancy loss Doubt:- *****1)Even after vacancy loss do we need to take Highest of AERV and Adjusted ARV and then it's GAV And 2) in this if we take this condition we should apply ARV = GAV if only due to vacancy and if not GAV = ERV 3Or else Only after Adjustment of vacancy loss we will have GAV 4)Sir is this proforma right?
CAclubindia
