There are major changes in ca final audit, but icai has not given it on it's site. From where can i get it.
Also i want from where to get ammendments etc. for all other subjects, as icai has not posted detailed ammendments on site.

Mr. OP Kapoor transferred his proprietorship to his only son without any compensation, with credit balance standing in his name in books. What accounting treatments is required to be done for giving effect to such transfer ?

I have to pay 2,70,000/- to the goods Seller party for that I make payment to Jawahar Shroff in cash, and Jawahar Shroff issue me Demand Draft after charging his commission. ITO want to disallowd cash payment made to shroff firm.

I have completed CPT exam in dec-13 and score 96 marks. I am applied for evaluate CERTIFIED copy of answer sheet & institute has provide me only certified answer sheet copy.

Now i am not able to justify the same without evaluation.

Please advise me how I get the evaluation sheet from ICIA or any other salutation

Dear Members how to enter stock items in tally.only purchase,sales,payment,recipt is sufficent or we need to maintain further records in tally.

im waiting for your reply

If a company pays Rs 5000/- via interbank transfer to all employees on occasion of Diwali.

What is the tax treatment in hands of employee?

What if employee submits the bill of
purchase of gift worth Rs 5000/- ?

Sec 56(2)(viic)taxes an individual on the shares purchased by him if the FMV is higher then the consideration he is paying.

So my query here is,
when in future an individual sells the same shares he will be liable for Capital Gains Tax.If we assume the Asset(Shares)to be a long term asset and the computation for the same is done under Sec 48,the Cost of Acquisition would be the price he paid for purchase of such shares.

Isn't it unfair to first pay tax u/s 56(2)(viic) because the consideration paid by the individual is less than the FMV and again on selling such shares the benefit of COA will just be the purchase price paid.

For eg:
FMV Rs 50
Consideration paid Rs 10
So tax U/s 56(2)(viic)=50-10=40*30%=Rs 12
Again when the individual sells the shares-
Selling price Rs 100.
So the computation U/s 48 will be as under
Full value of Consideration:100
Less:Cost of Acquisition: (10)
Taxable Income: 90
Tax-90*20%=Rs 18
So the individual ended up paying Rs 12+18=Rs 30 as Tax.

Presently we have registration under excise as a propitiatory firm. On 01.04.14 one Pvt. Ltd. company will take over this firm. so how we will deal with the closing stock of Raw material or Finish Goods as on 31.03.14 in the excise books of the Private limited company.

Happy morning,
Myself Gayathri, doing my 1st year articleship. I want to do CFA along with CA, plese suggest me which is the right time to start with CFA as well as CA COACHING

what about Budget 2014 ? in income tax any changes ?