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Sanjay Chauhan (IFRS)'s Expert Profile

Queries Replied : 262

About me

In the ancient tradition, developing Pragya i.e. Wisdom was the aim of teaching. It is said that a person became wise when he could see what is needed to be done and do it successfully without being told what to do.

Lets’ begin the passage of Pragya i.e. Wisdom.

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https://dwellingideas.blogspot.com/

https://impulsivedreams.blogspot.com/

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jitin says : land taken on perpetual lease
Dear Sir, Please tell how to show land in books of lessee if it has been taken on perpetual lease ?

SOWMYA says : revised schedule VI
PLEASE EXPLAIN THE FOLLOWING HEADS IN THE REVISSED SCHEDULE VI WITH AN EXAMPLE A.Cost of materials consumed B.Purchases of stock-in-trade C.Changes in inventories of finished goods, work-in-progress and stock-in-trade OPENING STOCK 600(RAW MATERIAL 500 AND WIP 100) PURCHASES 1500 CLOSING STOCK 200(RAW MATERIAL 50 AND WIP 150) DIRECT EXPENSES 50 SALES 2500 THEN THE PROFIT SHALL BE 550 HOW TO PRESENT THE SAME IN THE SCHEDULE VI PLEASE TELL ME ITS URGENT THANKS IN ADVANCE

Mitesh thakkar says : Capital gian on advance money received
if assessee received advance money in year 2011-12 for sale of house but agreement for sale of property made in 2012-13, whether capital gain tax liability arise in year 2011-12?