hi,

ny query was regarding computation of income


A retailer having most of the transac tions on cash basis, retailers need to disclose round about 5% of the turnover. But can it be furnished if there is no bank statement to support all the transactions or is it the way it is done.

turnover is around 500000
5% comes to around 25000

but the income is around 90000 to 100000

Which is the way to go about

kindly advice...

Wat is the last date of deposit of ESI. Please tell me if there is any grace period or not. give me some proof\evidence site if possible.
Thanks

Sir,

As per the Info brochure of CPT,
“The calculator can be of any type with upto 6 functions, 12 digits and upto 2 memories. Attempt to use any other type of calculator not complying with the specifications indicated above or having more feature than above shall tantamount to use of unfair means”.
Regarding this I have some query.
1) What does 6 functions and upto 2 memories mean?
2) Suppose, along with this above feature, the calculator has 6 functions, 12 digits. In calculations like (64+23.5*6.7), we can do this calculation at once in the calculator’s small screen (like we can do long calculations upto 99 digits in scientific calculator, here we can upto 10 digits at once) rather than first press 64 then +, then 23.5, then =,then * then 6.7 and then =. The functions are the same, the calculator is not scientific,only it has a small screen which ahs 10 digits.
Are this type of calculator allowed?

Sir,
With the obsolescence rates of Mobile Phones coming down alomost every month, would still the depreciation rates for them are 15% only?
Is there any support of case law circular to claim more than 15% rate on them?
Since the cost of mobile phones themselves are some times less than Rs.5000, what is the view on depreciation and the value at which they should be carried in the balance sheet?
Is Rs.5000 criteria applies both in the Companies Act and the Income Tax Act?
Pls provide me answer keeping both the Income Tax act and the Companies Act

What do you mean by KPO and AMC and what is the differenc btw them? If suppose one ca do articleship in such org. then what beifits/ill effects will be there for the interns? in other words, what will the difference btw doin articleship there or doin in CA firms?

WE HAVE MADE ARRANGEMENT WITH A HOTEL TO PROVIDE 2 DAYS ACCOMODATION AS WELL AS FOODING @ RS 7500/- PER PERSON FOR TWO DAYS. ROOM RENT WILL BE Rs 1.50 LACS AND FOODING BILL WILL ALSO BE AROUND RS 1.25 LACS. PLEASE LET ME KNOW THE TDS APPLICATION IN THIS CASE EACH FOR RENT AND FOOD.DOES IT MAKE ANY DIFFERENCE IF HOTEL RAISED ONLY ONE CONSOLIDATE BILL WITHOUT BIFURCATING ROOM & FOOD CHARGES ? PLEASE CLARIFY

a co who has subsidary and operation in foreign . when is employees goes to abroad nad the co gave them foreign currency and after returning the employee settles his account and return the foreign currency to the co. than in that case books main entry treatment kya hoga and can co . froeign currency apane pass rakh sakati hai . if yes to kab tak is there any provision in fema let me plz tell with reference

akhil rastogi
Ca final

Dear Sir,

Can we show the current account in the Balance Sheet under header capital and reserves.

or it is better to show the net amount after deducting from the retained earnings.

my question is :

Is it good to display the properitor drawings in the main first pages of balance sheet.

Which is the better practice?

Please comment.

Sam Koshy

There are many statistics in the second section of this subject ranging from revenues, percentages,etc. What sort of statistics and percentages should we give imp. and memorise?

1) Mr T is a partner in XYZ Associates, Chartered Accountants and in ABC & Co., Chartered Accountants;
2) XYZ Associates is an Internal Auditor and is advisory to the management of M/s Wellrun Ltd;
3) Whether M/s Wellrun Ltd can appoint ABC & Co., Chartered Accountants as its statutory auditors u/s 224?