Exam
This query is : Resolved
28 February 2015
I've got exception for tax in last attempt. is it possible for me to clear 1st group and get exception for advanced accounts in next attempt ?
09 April 2016
What if a person hasn't received his salary for 3 months in a financial year.. Are u saying that he ought to pay taxes for that salary income he hasn't yet received??
21 July 2024
Let's address your questions one by one:
### 1. Exemption for Advanced Accounts after Clearing 1st Group:
- **Exemption Rules**: In professional examinations like those conducted by professional bodies or institutes (such as CA, CPA, etc.), exemptions are typically granted based on achieving a certain score or grade in the subject in a previous attempt.
- **Scenario**: If you received an exemption for Taxation in your last attempt, and you clear the 1st group in your next attempt, you can potentially receive an exemption for Advanced Accounts in the same attempt, provided you meet the exemption criteria for Advanced Accounts based on your previous performance.
- **Criteria**: Exemption criteria can vary. Generally, you need to have scored above a specific threshold in the subject for which you seek exemption in a previous attempt. As long as you meet this criterion for Advanced Accounts, you would not need to take the Advanced Accounts exam again and can focus on the remaining subjects.
- **Check Specific Rules**: It's crucial to check the specific rules and guidelines of your examination board or institute regarding exemptions to understand how they apply across different attempts.
### 2. Taxation on Unreceived Salary Income:
- **Taxation Principle**: In most tax jurisdictions, including India, income tax is generally levied on an accrual basis rather than a cash basis. This means that income is taxable when it is due or earned, regardless of when it is actually received.
- **Salary Income**: If an individual has earned salary income that has not been received due to non-payment by the employer, the individual is still liable to pay taxes on that income for the financial year in which it was earned.
- **Evidence of Income**: To substantiate this for tax purposes, the individual should maintain documentation such as salary slips, employment contract, correspondence with the employer regarding non-payment, etc.
- **Adjustment in Subsequent Years**: If the salary income is eventually received in a subsequent financial year, the individual may be eligible to claim a deduction for the amount taxed earlier but not received. This would depend on the specific tax laws and regulations applicable.
- **Consultation**: It's advisable to consult with a tax advisor or chartered accountant who can provide guidance tailored to your specific situation and the tax laws applicable in your country.
In summary, while exemptions in professional exams are based on performance criteria across attempts, taxation of income generally follows accrual principles where income is taxable when earned, regardless of when it is received. Understanding these principles and consulting with experts can help ensure compliance with both examination rules and tax regulations.
### 1. Exemption for Advanced Accounts after Clearing 1st Group:
- **Exemption Rules**: In professional examinations like those conducted by professional bodies or institutes (such as CA, CPA, etc.), exemptions are typically granted based on achieving a certain score or grade in the subject in a previous attempt.
- **Scenario**: If you received an exemption for Taxation in your last attempt, and you clear the 1st group in your next attempt, you can potentially receive an exemption for Advanced Accounts in the same attempt, provided you meet the exemption criteria for Advanced Accounts based on your previous performance.
- **Criteria**: Exemption criteria can vary. Generally, you need to have scored above a specific threshold in the subject for which you seek exemption in a previous attempt. As long as you meet this criterion for Advanced Accounts, you would not need to take the Advanced Accounts exam again and can focus on the remaining subjects.
- **Check Specific Rules**: It's crucial to check the specific rules and guidelines of your examination board or institute regarding exemptions to understand how they apply across different attempts.
### 2. Taxation on Unreceived Salary Income:
- **Taxation Principle**: In most tax jurisdictions, including India, income tax is generally levied on an accrual basis rather than a cash basis. This means that income is taxable when it is due or earned, regardless of when it is actually received.
- **Salary Income**: If an individual has earned salary income that has not been received due to non-payment by the employer, the individual is still liable to pay taxes on that income for the financial year in which it was earned.
- **Evidence of Income**: To substantiate this for tax purposes, the individual should maintain documentation such as salary slips, employment contract, correspondence with the employer regarding non-payment, etc.
- **Adjustment in Subsequent Years**: If the salary income is eventually received in a subsequent financial year, the individual may be eligible to claim a deduction for the amount taxed earlier but not received. This would depend on the specific tax laws and regulations applicable.
- **Consultation**: It's advisable to consult with a tax advisor or chartered accountant who can provide guidance tailored to your specific situation and the tax laws applicable in your country.
In summary, while exemptions in professional exams are based on performance criteria across attempts, taxation of income generally follows accrual principles where income is taxable when earned, regardless of when it is received. Understanding these principles and consulting with experts can help ensure compliance with both examination rules and tax regulations.
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