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Taxchopal Latest Questions

admin
Beginner
Asked: In:

India is a federal democracy that is one which has clear demarcation of powers, responsibility and revenue collection between the states and the centre in its constitution. For example law and order falls under the state’s jurisdiction while the nation’s ...Read more

CA Vishnu Ram
Enlightened
Asked: In:

  1. CA Sanjiv Kumar Enlightened Chartered Accountant

    The service of operating mini AC buses would classify under Heading No. 9966 & taxable at 12% Service of operating mini AC buses by applicant for Brihan Mumbai Electricity Supply Transport Undertaking (BEST) would not be exempt from payment of GST. It is covered under Heading No. 9966 i.e. 'servRead more

    The service of operating mini AC buses would classify under Heading No. 9966 & taxable at 12%

    Service of operating mini AC buses by applicant for Brihan Mumbai Electricity Supply Transport Undertaking (BEST) would not be exempt from payment of GST.

    It is covered under Heading No. 9966 i.e. ‘services by way of giving on hire to a state transport undertaking a motor vehicle meant to carry more than twelve passengers’ in terms of Notification No. 12/2017-CT(R), dated 28-6-2017.

    Said case is clearly covered by Sl. No. 10 of Notification No. 11/2017-CT (Rate), dated 28-6-2017 in as much as there is a Rental services of transport vehicles with or without operators and therefore for period up to 13-10-2017, applicant’s activity would attract GST at rate of 18 per cent and after Sl. No. 10 has been amended w.e.f. 13-10-2017, applicant will have to pay GST at rate of 12 per cent

     

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CA Sanjiv Kumar
Enlightened
Asked: In:

  1. Advocate Dr Amit Dua Explainer

    All audits on behalf of the Comptroller and Auditor General are required to be conducted as per the auditing standards. In other words, auditing standards shall apply to all types of audit including financial audit, compliance audit and performance audit. In conjunction with obtaining an understandiRead more

    All audits on behalf of the Comptroller and Auditor General are required to be
    conducted as per the auditing standards. In other words, auditing standards shall apply to all types of audit including financial audit, compliance audit and performance audit.

    In conjunction with obtaining an understanding of internal control over financial reporting, the auditor should obtain an understanding of the company’s process for:

    1. Identifying related parties and relationships and transactions with related parties;
    2. Authorizing and approving transactions with related parties; and
    3. Accounting for and disclosing relationships and transactions with related parties in the financial statements.
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Ramesh Sharma
Enlightened
Asked: In:

  1. chetan singhania Beginner

    Set-off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years. Following losses can be carried forward under the iRead more

    Set-off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years.

    Following losses can be carried forward under the income tax act 1961

    Losses from House Property

    Losses from Non-Speculative Business (Regular Business) Loss

    Speculative Business Loss

    Specified Business Loss under 35AD

    Capital Losses

    Losses from owning and maintaining race-horses

     

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CA Vishnu Ram
Enlightened
Asked: In:

  1. CA Sanjiv Kumar Enlightened Chartered Accountant

    As per the Gratuity Payment Act, Temporary staff, contract workers, etc., are also eligible for the gratuity amount subject to fulfillment of all other conditions. such as they need to complete a minimum of five years in service. The payment of gratuity Act considers Temporary staff and contract worRead more

    As per the Gratuity Payment Act, Temporary staff, contract workers, etc., are also eligible for the gratuity amount subject to fulfillment of all other conditions. such as they need to complete a minimum of five years in service.

    The payment of gratuity Act considers Temporary staff and contract workers as employees of an organization. but it does not recognize the ‘apprentice’ as an employee hence, the apprentice is not eligible for gratuity.

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Swati
Teacher
Asked: In:

  1. Vikas Beginner

    Luca Pacioli is regarded as the Father of Accounting. He published the first book on double-entry accounting in 1494. While Friar Luca is regarded as the "Father of Accounting," he did not invent the system. Instead, he simply described a method used by merchants in Venice during the Italian RenaissRead more

    Luca Pacioli is regarded as the Father of Accounting. He published the first book on double-entry accounting in 1494. While Friar Luca is regarded as the “Father of Accounting,” he did not invent the system. Instead, he simply described a method used by merchants in Venice during the Italian Renaissance period. His system included most of the accounting cycle as we know it today. The first accounting book actually was one of five sections in Pacioli’s mathematics book, titled Summa de Arithmetica, Geometria, Proportioni et Proportionalita (Everything About Arithmetic, Geometry and Proportions).

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