CAclubindia

Queries Replied : 512

Myself Shivang Desai from Gujarat , by main educational qualification i am Chartered Accountant with other degress of M.com and CWA(Inter).

I am in Switzerland working as Finance Controller.

What kinds of questions I can and can't answer?

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ramesh anand says : CREDIT CARD SETTLEMENT
hi there, kindly clarify whether the interest and other charges debited in the a/c due to late payment, renewal charges, foreclosure charges etc etc are to be subtracted from the p&l a/c and under which section the amount has to be deducted. thanks in advance.

mohit says : remuneration u/s40b
kindly tell the applicability of amendment made in finance act 2009 regarding remuneration of partner.

Venkateswara Rao Sapare says : Depreciation [Sec 38] – Assets not used/partly use
“If a block of assets not used at all during the P.Y. whether depreciation shall be allowed or not? “ is what Anshu Agarwal was asking on 27.06.2010, further Anshu came out with following lines: section 32(1) states:- ...and used for the purposes of the business21 or profession... in this regard, if asset not used during the year, no depreciation to be allowed. “It says date of put to use.. As you mentioned that it is not used than no depreciation...” was what Mr.CA Shivang drawn from above lines. How have the lines of Mr.Anshu Agarwal led Mr.CA Shivang to infer so? Something is missing here. The words, “If a block of assets not used at all during the P.Y.”, encourage us to understand that the same was not used during the Previous Year, but was used in the previous years immediately preceding the previous year. I may be wrong in my understanding, Mr Anshu Agarwal, may come out with clarity about what really was expected to understand. Now, if the particular block of assets was not put to use in the previous year, but was put to use immediately preceding the previous year, is enough, it is allowed to claim depreciation. – Unitex Products Ltd v ITO[2008] 22 SOT 430 (Mum), CIT v Bharat aluminium co.ltd [2010]187 Taxman 111 (Delhi). Hope, I may have some clarity from both.

Anil says : Clubbing of Income
I thank you very much for your kind advice in the matter. The loan was taken against fixed deposit for domestic requirements and not for acquisition of some asset

Padmavathi says : Job in Big4
Thank you Shivang sir for your kind advice. But i am sure i can manage my studies. My question is, will i get a job there? Becoz i heard from my friends that only, the student who wants to do articleship and those who are qualified CA will get the job in Big4. So, as i am not completed my CA course, will i get the job in Big4.