Hi,

I am an IPCC student coverted under Direct entry scheme.

Registered for Articleship training on 26th december and omitted to pay conversion fee along with Form the same will be intimated by institute over phone by mid april and remitted to institute with in the month.

And the coversion registration date stood effect from 24 th april (that is after payment of conversion fee).

And institute informed me you are eligible to write exam of may 2014.

I applied for nov 2013 based on eligibility as 9 months completed articleship training.

Now i received admit card for Nov 2013 and a week back i received a letter from the institute that we have issued admit card on provisional basis and send your proof of your registration documents for to regularise to admit in nov 2013 exams

On institute records my articleship training date as 26-12-2012 and conversion date as 23-04-2013(Default in payment).

Will they allow me for to write exams???

Hi,

Someone may please see the following and IF POSSIBLE, give reply:

Query(s)

A partner who has overdrawn and hence, the current account becomes negative of that partner.

Whether such partner is eligible for ‘Interest on capital’. If so, this ‘Interest’ to be computed on only Capital Account or even on negative Current Account.

Kindly clarify the basis with any supporting, please.

Ans : ………………


Is it appropriate to compute ‘Interest on partners’ current year share profit’?

Ans : ………………

In view of ‘negative balance’ relating to interest on capital, I am unable to enter the negative amount in Tax Audit Form for Clause 18. Whether form will accept negative interest amount in this clause. (I am able to understand, there seems to be some confusion made by the concerned person in computing Interest on capital, but I am just looking for some clarification).

Ans : ………………


Thanks in advance for your replies.

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