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Ankit's Expert Profile

Queries Replied : 401

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About me

    What kinds of questions I can and can't answer?
    Questions related to Direct Taxation and Company Law

    My area of expertise
    Income Tax, Company Law

    My experience in the area (years):
    1.5

    Organizations I belong to:
    HDFC Ltd

    Publications or writing which has appeared :
    The Chartered Accountant - December 2012 issue

    Educational credentials:
    B.Com., ACA., CS

    Award & Honors:
    -

  • Pankaj Agrawal says :
    sir, plz advice me my b.com completed and non-college but i didnot file 112

  • Sai Karthik says : Capital gains
    Hi, I have constructed 6 flats in Mar-12 and incurred total cost of one crore. and sold 2 flats in Jan -13 for 60Lakhs and I was using the remainig 4 flats Of the sale proceeds,on land I got long term gain on building short term loss. Now am I eligible for claiming exemption under section 54,54F for the 2 flats which I was residing now? If yes,plz tell me under which section and refer supporting case laws? Thanks…

  • kfgfgdfgffdfd says : vat
    rm purchase-rs 1000(20 kgs) vat-rs 4 other expenses-rs 5 total-rs 1009 Q1) i presume that the below mentioned journal entries for vat purchases eligible for input credit are to be passed (using figures mentioned above ) purchase dr 1005 vat recevbl dr 4 party cr 1009 vat adjustment entry is vat payabl dr vat recevbl cr unadjusted vat recevbl amount will remain as dr balance in vat recevbl a/c and will be shown in asset side OF BALANCE SHEET .Am i correct? xxxxxxxxxxxxxxxxxxxxxxx Q2)what about cst purchases? (using figures mentioned above ) is the rm price 1009 in case cst is rs 4 and are following journal entries right purchase dr 1009 party cr 1009 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Q3)the accounting policy for 2012-13 is closing stock value of raw material= cost price or market price whichever is is lower 31/03/13- 500 kgs for which costprice is 108 and market price is 100 therefore closing stock value is 500 x 100 = 50000 as on 31/03/13 closing stock of 2012-13 is opening stock of 2013-14 so which of the following is correct working 1 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 consump 500 kgs rs 54000 (108 rs (cp as given above) x 500 kgs) clsng stoc 100 kgs rs 6000 or working 2 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 consump 500 kgs rs 54000 (100 rs (mp as given above) x 500 kgs) clsng stoc 100 kgs rs 10000 ASSUMING ONLY THE OPENING STOCK IS CONSUMED IN THAT MONTH AND NOT THE GOODS PURCHASED DURING THAT MONTH.Which rate is to be applied to determine the value of consumption -opening stock rate or actual cost price?

  • A V R says : capital gain
    IF 3 YEARS OLD (200000RS) LAND AND NEW CONSTRUCTED BUNGLOW (300000RS) IS SOLD FOR RS 700000RS THEN WHAT IS CAPITAL GAIN? LAND GAIN STAND FOR LONG TERM AND BUNGLOW GAIN STAND FOR SHORT TERM? HOW TO BIFURCATE FOR GAIN?? Read more at: http://www.caclubindia.com/experts/experts_profile.asp?member_id=164430#.U33q9nKSwbg

  • Varun Sharma says : Please solve this
    We had purchase the material from outside the state at zero % . So can we sale the product at the same rate or not. Please suggest what we do????


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