Rahul Jain
22 August 2023 at 17:12

IND AS-115

What accounting entries are to be made when the goods are sold but significant risk and rewards are not transferred to the buyer(in transit)?


R S Sai Kumar

One of client is a restaurant- it is charging for food - GST is 5%. It is also charging service charges = what is the GST on this service charges?
please reply


Daya

How to pass journal entry in the books of partners A/c
On 31st March Firm Make entry
Partners Capital Account Dr.
To Advance tax
in Partners Book can i pass journal entry on 31st March 2023.
Advance tax A/c Dr
to Partnership Firm A/c


CA Rashida

Member of ICAI who is not holding COP but is a paid assistant in CA firm can simultaneously take employment in industry(IT company)


MAKARAND DAMLE
22 August 2023 at 13:25

GST Amnesty Scheme

A cooperative credit society is filing GSTR 9 of FY 18-19
There is amnesty scheme if filed before 31.08.23 and late fee is Rs.20,000/-
While filing GSTR 9 the portal is not asking for upfront payment of Rs.20,000/-

How can we find whether the society can take benefit of Amnesty scheme and pay late fees Rs.20,000/- ?


Madan Singhal
22 August 2023 at 11:39

Dividend paid on foreign stock

A US-based company, referred to as Company X, is in the process of being acquired by Company Y. This acquisition is structured as a 50-50 deal, with a combination of cash and stock. Specifically, for each share of Company X, shareholders will receive a combination of cash and Company Y's stock. The cash portion is equal to 50% of the current value of Company X's stock, and the number of Company Y's shares received is determined by dividing 50% of the current value of Company X's stock by the current value of Company Y's stock.

Now, when it comes to the cash portion received by shareholders of Company X, this is being treated as a dividend. The US government imposes a 30% tax on this dividend amount. My concern is whether it's possible to recover or reclaim this deducted tax money. It appears incorrect to me to pay a 30% tax on what is essentially not a traditional dividend. Adjusting it with stock P&L will not yield any benefits.

Is there a way to potentially recover or mitigate this 30% tax without affecting your profits?


deepa iyer
22 August 2023 at 11:28

PF Withdrawal Rejection

Hi Sir,
I tried to withdraw some amount from my PF on 31st July, this morning i got a message that "CLAIM REJECTED PASSBOOK NOT ATTESSTED" in this case should i go to bank & get stamp done on passbook or shall i just sign over my passbook?
Please advise.


V Muthalagu
22 August 2023 at 11:28

LTCG VALUATION OF COSTOF ACQUISITION

Mr A & Mr B were brothers jontly purchased a building for Rs 4,00,000/- (Both have equal share) during FY 1986-87. Later during FY 2015-16 they partitioned the same eqally. The market value at that time was Rs 50,00,000/-. Subsequently Mr A sold his share of building for Rs 54,00,000/-. In this case what is the cost of acquisitiion Rs.4,00,000 (or) Rs.50,00,000


Suresh S. Tejwani
22 August 2023 at 11:20

REGARDING APPLICABILITY OF CARO 2020

WHETHER COMPANY WITH TURNOVER IN THE PRECEEDING FINANCIAL YEAR I.E. F.Y.2021-22 WOULD BE CONSIDERED AS SMALL COMPANY?
WHTHER CARO 2020 WOULD BE APPLICABLE IN CURRENT FINANCIAL YEAR IF T.O. OF COMPANY IN CURRENT F.Y. 2022-23 IS MORE THAN 10 CR?


Gorango

What wll be the accounting treatment as AS of assets in Cash Basis and Accrual Basis of accounting





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