Dear Experts
Me & my collegue both cleared our CA final exams in Nov 08,both was granted 100 days leave but my collegue had taken earlier a leave of around 50 days for personal reasons
he was registered on 17.10.2006 for articleship & now wants to move to his friends firm,our principal is telling if he takes transfer he will write excess leave of 22 days which leads to extension of his articles by around 22 days (i.e articleship completes on 10.11.2009)
now my question is can he take transfer will this not affect in anyway as my prinipal has signed that he will complete his articles before 31.10.2009 at the time of exam?

PS:I have requested my friend not to take any decision till he gets positve answers,kindly help.

IF ANY PERSON HAS DEDUCTED TDS ON ON ANY EXPENSE AND TIMELY DEPOSITED THE DEDUCTED AMOUNT BUT FAILS TO FILE THE TDS RETURN, THEN IN SUCH CASE WHETHER SUCH EXPENSE WILL BE ALLOWED AS DEDUCTION UNDER THE HEAD "BUSINESS AND PROFESSION" AS PER INCOME TAX ACT?

1)Which one of the following ratios is a common analytical tool used by merchandise corporations, but not by service corporations?

a)Gross margin percentage
b)Earnings per share
c)Current ratio
d)Profit margin

Answer:


2) _____________ is concerned with the maximization of a firms earnings after taxes

a)Shareholder wealth maximization
b)Profit maximization
c)Stakeholder maximization
d)EPS maximization

Answer:

3)Shareholder wealth in a firm is represented by

a)The number of people employed in the firm
b)The book value of the firms assets
c)The amount of salary paid to its employees
d)The market price per share of the firms common stock

Answer:

4)The original cost of an asset less its accumulated depreciation is called
a)Book value
b)Historical cost
c)Present value
d)Current market value

Answer:

5)A minority interest exists when
a)A parent company owns all the shares in a subsidiary company
b)One company owns only 15% in another company
c)A parent company own less than 100% of the shares in a subsidiary company
d)An individual own shares in a company which is the associate of another company

Answer:

If an assessee bought 2 houses & borrowed two different loans. If he fulfills all the conditions laid down u/s 24b for claiming deduction upto Rs.150000/-, how much deductions shall be allowed to him for FY against Interest on borrowed loan? (Rs.150000/- or Rs.300000/-)

Dear sir,
i need a clarification about Contra entry.Cash wihdrawal from the bank.for that we should pass contra entry.
but they passed bank payment entry instead of contra.Is it correct?...

Entry in bank payment as:
Cash
to Bank.
It will give the same effect.Then what is the purpose of Contra??...
Explain and give the effect also...

Dear sir,
i need a clarification about Contra entry.Cash wihdrawal from the bank.for that we should pass contra entry.
but they passed bank payment entry instead of contra.Is it correct?...

Entry in bank payment as:
Cash
to Bank.
It will give the same effect.Then what is the purpose of Contra??...
Explain and give the effect also...

Dear Sir,

Kindly clarify what type of leave the employee should take (like Earned Leave or Sick Leave etc., ) to avail LTA / LTC.

I vaguely remember that, employee should take only EL to avail LTA. But one of our employees argues that, only 3 days if they take EL it is sufficient and rest all days may be SL also.

Can a private ltd company convert its unsecured loan into equity share capital.

Two Fixed Assets A & B purchased on 01.04.2008. Bill for Asset A received on same date and bill for Asset B received on 01.06.2008. Both the asset put to use on 01.04.2008. Depreciation will be charged from which date on Asset B?

Can anyboby explain me the calculation of DTA/DTL in the following situation.

Accounting loss 1000000/- (Depreciation 100000/-)

IT loss Rs 1200000/- (Depreciation Rs 300000/-)

Tax Rate 33.99%

There is virtual certainty regarding future expected profit.