my final attempt will be in nov 2009....as per old course...n me will give only one group......if i clear it i will be exempted frm that in new scheme....i want to ask will it be beneficial to give as per new course or old course....?
wats the diff b/w direct admn to new course and conversion later on?
i mean does it have any effect on month of final attempt........

Case A : On September 4,2005 the company issued 12000, 7% debentures having a face value of Rs 100 each at a discount of 2.5%. On September 12, the company issued 25000, 8% preference shares of Rs 100 each. On September 29, the company redeemed 30,000, 6% P.S. of Rs 100 each at a premium of 5% together with “one month dividend” thereon. Bank balance on August 31,2005 was 2925000. the bank balance on September 30 is ………

a) How to calculate “ one month dividend”?
b) What is the significance of “”8%”” in “8% preference shares”?

Case B:
Share capital
Equity Capital(rs 100 each)-5lakh, Preference share capital (rs 10 each)-3 lakh, General Reserve-150,000; P/L account 250,000; Debentures- 200,000, Sundry creditor-50k, Loan-25k.
Land-4lakh; Plant-3lakh; Furniture-250,000; Investment 225,000; Debtors-1 lakh; Inventories 150k; Cash- 50,000.
The P.S. shares are redeemable at 10 % premium, the company wishes to maintain cash balance 0f Rs 25,000. It proposes to sell Investment for Rs 2 Lakh. The company proposes to issue sufficient equity shares of Rs 100 each at a premium of 5 % to raise required cash resources.

a) Cash required to effect the above decisions is………
1) 330,000 2) 355,000 3) 25,0000 4) 1,05,000
b) No. of shares issued is…….
a. 1500 b. 1000 c. 950 d. 1500
What is the logic behind these two question and how to find out the answers

1. How to calculate surplus in case per share re-issued? What is the safe and appropriate technique ?
MSN Co. issued 3000 equity shares of Rs 10 each payable as Rs 3 per share on Application, Rs 5 per share (including Rs 2 as premium)on allotement and Rs 4 per share as final call. All share are subscribed. All paid except Ram, holding 50 shares failed to pay allotement and call money, and Shyam holding 100 shares failed to pay the call money. All their shares were forfeited. Out of them, 125 shares(including whole of Ram’s shares) were re-issued to Jaadu as fully paid up at a discount of Rs 2 per share. Calculate money transferred to capital reserve.

Mr X is employed with a nationalised bank. He has entered into a leave and license agreement with Mr Z at Mumbai for accomodation. The rent is directly paid by the bank to Mr Z.I would like to know its taxability treatment ie whether it would be taxable as a perquisite or as a fringe benefit in the hands of employer. if it is a perquisitewhat will be the taxable value

Tax audit report requires us to report whether any sum deducted as employee's contribution has been deposited and the due date of depositing the same. I want to know which contributions are to be reported here and the due dates also.

hi friends plz tell me what is deffered tax rate

Kindly enlighten me on provisions of Sec 145A.. emphasis on excise duty part for stock valuation

I will be apearing for my c.a final exam on may 2009. i had cleared my P.E-II by following and going through the study mats only. Will it be possible for me in the final also as in case of audit,law & other theoritical papers.
I also want to know how i should prepare my self without taking any external facility such as tutions because i don't have money to do so.

Sir,

I am a practising Professional. I have a query. Some of my clients will be in a position to obtain the audit reports under section 44 AB before 31-10-2007. But keeping in view the lengthy FORM No. 4 and 5 , they shall not be in a position to furnish the income tax Returns before 31st October 2007.

My query is where my assessee obtains the Tax audit report u/s 44 AB before 31-10-2007 but files his returns in November 2007, i.e after the due date , whether the penalty u/s 271B shal be imposed. This question is relevant , particularly in the light of the latest circular No. 5/2007, where in the audit report is not to be attached with the return of income , nor the same is to be filed separately

Thanking you.

Hello friends,

This is my query.

1. Calculation of IT when total income exeeds basic exemption limit if LTCG (not Exe. u/s 10(38) )& STCG r considered.

2. Calculation of IT when bothn ormal & spl rates r applies. (i.e. Normal Income & Cap Gains )

3. Marginal relief & agricultural income 'situation' applied for above cases.

4. Calculation of Int u/s 234c in above all cases.

Pls explain with an example, for all above situations.

waiting....

dear one,

Arun Dongre