❓Are you facing Problem in remembering provisions of GST & Income Tax 😥⁉️

TENSION NOT..AVJ Academy hai na 🥳🤩

💎 Revise all Important & Fully Updated Concepts & Provisions of GST & Income Tax using these awesome Colorful Charts 💥💥

By CA Sanchit Grover sir 🙏

For ordering hard copy of Flowchart book, contact 9310824912 or visit avjknowledgeportal.com

Soft copies of some Imp Charts can be downloaded from our Android app "CA Knowledge Portal"

Hi all
Many Students have asked me this doubt that if their CA Exams and Graduation exams are clashing this time, what should they do

Have tried to answer in this video
https://www.instagram.com/reel/CxvVyZYrM2r/?igshid=MzRlODBiNWFlZA==

Income Tax Question for Today:- Mr. Raja, a proprietor, commenced operation of the business of a new three star hotel in Mumbai on 1.7.2022. He had made a total investment of Rs. 7.58 crores till 30.6.2022. Out of total investment of Rs. 7.58 crores, Rs. 1.58 crores was used for purchase of land in P.Y.2022-23. Rs. 4.70 crores was used for constructing Hotel and balance of Rs. 1.30 used for purchasing the furniture in P.Y. 2022-23. He wants to avail the benefit of deduction under section 35AD as he satisfied with all the conditions prescribed u/s 35AD. His profit and gains from the business for P.Y. 2022-23 is Rs. 50 lakhs before claiming deduction u/s 35AD. He wants to file his income-tax return on 12.12.2023. How much deduction Mr. Raja can claim for A.Y. 2023-24 and the losses which he can carry forward to A.Y. 2024-25?
(a) He can claim the deduction of Rs. 7.58 crores from his business income but he would not be able to carry forward the business loss of Rs. 7.08 crores
(b) He can claim the deduction of Rs. 6.00 crores from his business income and can carry forward the business loss of Rs. 5.50
(c) He can claim the deduction of Rs. 6.00 crores from his business income but cannot carry forward the business loss of Rs. 5.50 crores
(d) He can claim the deduction of Rs. 7.58 crores from his business income and can carry forward the business loss of Rs. 7.08 crores

Law Question for Today:- JX Limited, an unlisted public Company has its registered office in Mumbai. Due to a shortage of storage space,
the Board of Directors of JX Limited has decided not to preserve the books of accounts and other related records
of accounts. The Board has approached you, to seek an advice on this matter. Give suitable advice to the Board
of JX Limited:
a) The Company is not mandatorily required to maintain the Statutory Registers and Records at the Registered
Office.
b) The Company can make space by destroying all Statutory Registers and Records which are older than 8
years.
c) Company can shift the Statutory Registers and Records at JX Limited’s branch office situated at Pune, where
more than one-tenth of the total number of members entered in the register of members reside.
d) Company can digitize all the Statutory Registers and Records.

Income Tax Question for Today:- X Ltd. credits a sum of Rs. 45,000 as commission to Y Ltd., an Indian company on 25.06.2022 without deducting tax at source. Y Ltd. paid its entire tax liability on its income by way of advance payment of tax during P.Y. 2022-23 and filed its return of income for A.Y. 2023-24 on 15.07.2023. X Ltd. also has a certificate in Form No. 26A from a chartered accountant. Compute the amount of deduction that shall be allowed to X Ltd. in respect of the commission credited to Y Ltd. for PY 22-23 assuming that X Ltd. follows mercantile system of accounting.
(a) Rs. 45,000
(b) Nil
(c) Rs. 13,500
(d) Rs. 31,500

Law Question for Today:- Mr. X is a shareholder of Mark Pvt Ltd. He transferred his shares to his daughter Ms. D, in the month of
February. Registration of such instrument of transfer is still pending by the Company. In this scenario,
Companies Act, 2013 state certain provisions which have to be kept in mind by the Company. Which provision
mentioned below in this regard is correct?
a) Company has to transfer the dividend in relation to such shares to the Unpaid Dividend Account;
b) Company has to transfer the dividend in relation to such shares in the name of transferee;
c) Company has to issue fully paid-up bonus shares in the name of transformer;
d) Company has to issue fully paid-up bonus shares in the name of transferee;

Income Tax Question for Today:- Mr. X, a retailer, acquired furniture on 10th May 2022 for Rs. 10,000 in cash and on 15th May 2022, for Rs. 15,000 and Rs. 20,000 by a bearer cheque and account payee cheque, respectively. Depreciation allowable for A.Y. 2023-24 would be –
(a) Rs. 2,000
(b) Rs. 3,000
(c) Rs. 3,500
(d) Rs. 4,500

Law Question for Today:- Prince delivers his car to Manoj, a garage owner for repair. Who is the bailor in this case?
a) Manoj
b) Prince
c) None of the above
d) Both Manoj and Prince

Income Tax Question for Today:- Suman is a Chartered Accountant practicing in Mumbai since September, 1994. She transfers her practice to another Chartered Accountant Smita on 19.06.2022 and charges Rs. 14,50,000 towards goodwill. Determine the tax implications that may arise in the hands of Neha on account of transfer of her practice to Smita. CII for FY 22-23 is 331:-

(a) Rs.14,50,000 shall be charged to tax as capital gains
(b) Rs.14,50,000 shall be charged to tax as income from other sources
(c) Rs.14,50,000 shall be charged to tax as income from profession
(d) No tax implications shall arise

Income Tax Question for Today:- A building was acquired on 1.4.1995 for Rs. 20,00,000 and sold for Rs. 80,00,000 on 01.06.2022. The fair market value of the building on 1.4.2001 was Rs. 25,00,000. Its stamp duty value on the same date was Rs. 22,00,000. Determine the capital gains on sale of such building for the A.Y. 2023-24? CII for F.Y. 2001-02: 100; F.Y. 2022-23: 331
(a) Rs. 7,18,000
(b) Rs. 13,80,000
(c) Rs. 60,00,000
(d) (Rs. 2,75,000)

Law Question for Today:- A bill of exchange is payable 180 days after sight. As per the provisions of the Negotiable Instruments Act, 1881,
how many days of grace shall be provided in such a case:
a) 1 day
b) 2 days
c) 3 days
d) 5 days