DT November 2017 Exam Paper

Page no : 4

SanyaKalra (Student) (30 Points)
Replied 14 November 2017

In question no 2, will retention money form part of income? Or is to be excluded from income??

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

(Guest)

i think retention money should be excluded from income.

sohil patel (Student CA Final ) (63 Points)
Replied 15 November 2017

I think it is part of income because right to receive is established

ankita agrawal (209 Points)
Replied 15 November 2017

yes part of income

ankita agrawal (209 Points)
Replied 15 November 2017

apply icds

Upgrade to CAclubindia Pro. Subscribe Now!

Gaurav (Working Professional) (19 Points)
Replied 15 November 2017

it is to be included. ICDS - III- Construction Contract.

Yash (Student) (115 Points)
Replied 15 November 2017

How much was asked from icds and amendments?

(Guest)

@ Deon Decosta - just get lost.

1 Like

PRK29 (Student) (67 Points)
Replied 15 November 2017

If there's a judicial precedent against an ICDS, is it okay to use that judicial precedent ? I used that and gave that as an explanation for reducing retention money from profit and loss

(Guest)

yes. i also think the same. retention money should be deducted from the income. because already its included in income, but as per judicial pronouncement it should not be included.

Upgrade to CAclubindia Pro. Subscribe Now!

Parmeet (Housewife ) (29 Points)
Replied 15 November 2017

The paper was very tricky & only those guys who have sound practical knowledge can hope to do well.Only 50 marks paper can be termed as doable.No book has example of buy back of shares though that is the most simple question asked where Sec 46 A & section 115qa r applicable.Most of the questions were tricky.

1 Like

PRK29 (Student) (67 Points)
Replied 15 November 2017

@ sachin - Judicial pronouncements allow you to deduct Retention mone but ICDS doesn't .. So i'm very confused now

Yash (Student) (115 Points)
Replied 15 November 2017

@ prk29 as per a clarification by the court of there is a conflict between judicial pronouncements and ICDS, then ICDS will prevail as they are more specific

Parmeet (Housewife ) (29 Points)
Replied 15 November 2017

Retention money has to be shown as revenue as per icds-3.Here since it was already added,therefore no need of further adjustments.Pl note that ICDS supersedes the various judicial pronouncements.

Upgrade to CAclubindia Pro. Subscribe Now!

PRK29 (Student) (67 Points)
Replied 15 November 2017

Alright so how strict are they with the corrections ? Do they strike off the entire sum ? Coz all the other points i got right except this one. With proper presentation and notes