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DT November 2017 Exam Paper
In question no 2, will retention money form part of income? Or is to be excluded from income??
I think it is part of income because right to receive is established
yes part of income
apply icds
it is to be included. ICDS - III- Construction Contract.
How much was asked from icds and amendments?
If there's a judicial precedent against an ICDS, is it okay to use that judicial precedent ? I used that and gave that as an explanation for reducing retention money from profit and loss
The paper was very tricky & only those guys who have sound practical knowledge can hope to do well.Only 50 marks paper can be termed as doable.No book has example of buy back of shares though that is the most simple question asked where Sec 46 A & section 115qa r applicable.Most of the questions were tricky.
@ sachin - Judicial pronouncements allow you to deduct Retention mone but ICDS doesn't .. So i'm very confused now
@ prk29 as per a clarification by the court of there is a conflict between judicial pronouncements and ICDS, then ICDS will prevail as they are more specific
Retention money has to be shown as revenue as per icds-3.Here since it was already added,therefore no need of further adjustments.Pl note that ICDS supersedes the various judicial pronouncements.
Alright so how strict are they with the corrections ? Do they strike off the entire sum ? Coz all the other points i got right except this one. With proper presentation and notes
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