Sir lets assume Mr X has 2 acres of land . He sold the land for 2 crores . He also pays long term capital gains tax @20 on 2 crs and remits the balance amount to his son's a/c as a gift . My question is , is the son liable to pay income tax personally or not ?

Sir now Mr Mukesh ambani is the chairman and MD of Reliance industries ltd (RIL) . Now RIL as a company is liable to pay income tax @ 30 rate. My question is , is Mukesh ambani personally liable to pay income tax out of the profits derived by him from the company ?

Dear Sir/Madam

I have to IT returns for the assessment year 2015-16 & 2016-17 on 30-Nov-2016. Sir my question is which was the due date for IT returns for both financial year 2015-16 & 2016-17 plz let me know? I m avaiting for your reply .............

Thanking you

In a BANK RECONCILIATION STATEMENT if suppose cheque has been issued but not presented in a bank in that situation what i have to do for the current month as well next month

Hi Good Evening,

A Partnership firm partners purchase land for own house construction. The payment wash made from firm, it is Partners Drawings or what type of accounts head in firm please clarify.
Regards,
A.Sivakumar.

Dear All, My client has purchased a foreign currency from Indian rupees. My query is where we will be accounted this transaction and under which head? Thanks in advance.

i hv cleard my first grp of ca final in first attempt bt due to direct tax i m nt able to clear my second grp from last 5th attempt should i quit ca? now m so depressed what should i do???

Sir suppose if Mr X has 10 crores of black money . Now he wants to convert all into white . Instead of depositing into others savings bank a/c , if he deposits this 10 crs with some temple's account and later encashed it with the consent of all trustees , will he escape from hands of IT authorities ?

Sir is it mandatory to use indirect method of cash flow statement or can we use any method ? Which is better according to u ?

Dear Experts

I have following doubts plz clarify

1) We import machine & capitalise the same in the books
2) we are making payment to supplier from whom machine has been imported
Now doubt is what will be the Accounting Treatment for Difference arising on account of exchange gain or loss due to exchange rate between Machine capitalise date & Payment date

Do we have to give P& L effect or Do we have to Capitalise the gain/loss

Note: Payment is been making by using own fund not borrowing of foreign currency

Pls Awaiting for your reply

Rgds
Karthik