Hi YPians! Please welcome our new online ready reckoner. This blog will be an oppurtunity for YPians to raise and resolve queries (from both academic and professional world) , share valuable insights and thus contribute to the overall growth of the movement called CYP and also as you as an individual.
[The way forward is you raise a query by posting a comment and solution will be given by a comment that follows. Each query comment may not have only one solution comment but can have many threads also.]
27 comments:
Hi YPians!!
A brilliant suggestion from YP Priyanka Sureka led to this initiative by CYP creative team.
Q)Can anyone advise me when do we add surcharge (10%) while deducting TDS?
Brilliant
Simply Brilliant
Thats the word which comes to me
Thats the power of a group forum. And what can be a better way to solve queries than ask our fellow YPians who come from a diverse background - representing Audit firms, Big Corportates, Law firms.
KUDOS to YP Priyanka
Keep up the good work
Surcharge is applicable if
IN CASE OF Companies, firms: Payment exceeds 1 crores.
IN CASE OF Individual HUF: payment exceeds 10 lacs
NOte Payment to Companies/individual has to be seen and not paymeny by companies and individual
really a good job done..it was really needed for we budding professional..thanks to priyanka...
hats off to ashok...
say if we train our employees on recent changes in I.T.Act,are we satisfying all criterias of AS 29 so as to make a provision as on 31.03 of any year.
YP Harsha
Hi YPs
Really Ashok needs a big round of applause for such a nice job............
& Harsha i do not get your point, can you redraft your question?
Q)If a co is selling one of its asset, and there is a profit or loss on the sale of asset as per the companies act.As per the I.T. act the block still exist and there is no STCL. Will this transaction lead to Deferred tax aseet or liability ?
Hi YPians
I do have one more query,
Do any one of you know about a website having facility of revealing the name and other details of the assessee, if we provide his PAN no?
If a co is selling one of its asset, and there is a profit or loss.....lead to Deferred tax aseet or liability ?Yes.It will. If you incur loss, you will have a DTA which will reverse with time due to dep claim in tax but not in accounts, and if its a profit its vice versa.
if we train our employees on recent changes in I.T.Act,are we satisfying all criterias of AS 29 so as to make a provision as on 31.03 of any year
Please reframe the question, so that its clear that what nature of cost are we going to incur. wether its contactual or within the organisation
ashok u r a professional
trust me
leave ur job and plan something into web page designing or something.
i must say u r incredible
as i say i hate when god gives all the qualities to one person
Great work ashok. The blog is meticulous and perfect
Thank you Rahul. You are very liberal in your comments. Thanks a lot.
Its only because of our vibrant group that we all are encouraged to deliver the best every moment. Credit goes to the whole forum.
Nevrtheless. I like it!! :-)
hi YPians!!!!!!!!!!!!!!!
CYP Online Ready Reckoner
- A brilliant suggestion from YP Priyanka and executed by YP Ashok
THumbs up to both of them and also to the YP team
good work done ...
cheers to the cyp'ians ...
HI
Query
Can the commitment charges and upfront fees paid to Banks/ FI's for disbursal of loan be amortised over the period of loan
Common sense says no. Only Share issue expense and VRS expense can be deferred.
However AS 16 Para 4 Clause C defines Borrowing cost to include the amortisation of ancilliary cost related to borrowing. Thing is it talks about borrowing costs. But the use of terminology "Amortisatoin" in the section allows us to give an interpretaion so as to defer it
Think over it
amortisation of ancilliary cost related to borrowing..This standard only recommends amortisation of loans for assets which are qualifying.. so i don think this can be generalised for other situations as well..Rahul..please correct me if I am wrong..
Ashoks reply
"amortisation of ancilliary cost related to borrowing..This standard only recommends amortisation of loans for assets which are qualifying.. "
AShok i got my solution. Thanx neways
Firstly what do u mean by amortisation of loan.
Secondly it talks about Borrowing costs. It can be either for qualifying asset ( then to be capitalised) or not for qualyfying (then expensed out).
My query was regarding defering or amortising the costs incidental to borrowing over the loan period.
The solution lies in AS 26 itself. The AS excludes certain items. Clause D of exclusion talks about my case. It categorically excludes ancilliary borrowing costs from AS 26 and therefore opens up a flood gate for corporates to take benifit of. I hope u got the crux now
Thanx neways.
Another query
What is the treatment of Forward Contracts under IFRS regime.
Pls give the measurement principle of Derivative Asset. How is the fair value of the aset computed.
Pls dont answer in light of AS 11.
Excellent work..
Amazing Blogging!!!!!!
& wat more to say....
Will surely try to find out answer to the Q? put up my Mr. Choudhary...
Keep it up---YPIANS
Hi
Query
Please suggest wheter non compete fees paid at the time of acquiring promoter's shares of a listed company may be added to the cost of investment.
If not what should be its treatment
Suggest in reference to AS 26 & AS 13.
I am giving a guesswork
Saket I think we can think from tax point of view to find the answer.
If u remember v treat such as revenue nature receipts and expenditures.
So it should be revenue nature expense.
from my balance sheet point of view i want to capitalize it with my investments.
am i allowed to do so.
I suppose no from point of view of both AS 26 & AS 13
Please suggest
Hi YPians!!
Can you please help me with this query
whether VAT credit is available for purchases made for construction of Office Building and for Plant & Machinery. The company is engaged in Trading as well as Manufacturing Activities.
Regards
Amrit
VAT credit is not available for goods procured for construction of office building
In regards machinery, ill hav 2 confirm bt as far as i remeber if the machine is used for manufacturing u wl get vat credit
Hi YP's !!!
What are the legal implications and statutary standing of a press releases issued by the government of india??
Are the press releases binding??
Rohit Biyani
Thanks saket
but can you tell me if we buy a door for such building then is VAT credit available. But remember building is not yet capitalised.
Amrit
No vat credit is not available - not even when it is capitalised
YP Saket
Hiii YPs
Query
we need to disclose the amt of loan repayable within 1 year in the schedule of loans
i only knw that its required to be disclosed.
Please let me knw by which clause of schedule 6 is it required.
mind that schedule 6 no where requires us to disclose the same for Secured Loans.. Yet the companies are doing so...
Please suggest wheter it is a mandatory disclosue..
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