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Mr. Fahad incurred a loss of ₹4 lakh in the P.Y. 2022-23 in retail trade business. Against which of the following incomes earned during the same year, can he set-off such loss?

Anonymous Quiz

36%

profit of ₹1 lakh from wholesale cloth business

11%

long-term capital gains of ₹ 1.50 lakhs on sale of land

13%

Speculative business income of ₹ 40,000

39%

All of the above

👍30

320 voters1.17K views08:40

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M/s A Pvt.Ltd. a small builder & promoter reg.under GST made purchase of cement from Mr.P(an unreg person).The volume of purchase made from unreg supplier is < 20% of total purchase.(ie from reg supplier >80%)
Identify who is liable to pay tax under GST.

Anonymous Quiz

Supplier who is registered under GST

10%

No person shall be liable to pay GST

👍9❤2

245 voters1.13K views07:44

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Mr. X, a retailer, acquired furniture on 10th May 2022 for ₹ 10,000 in cash and on 15th May 2022, for ₹ 15,000 and ₹ 20,000 by a bearer cheque and account payee cheque, respectively.Depreciation allowable for A.Y. 2023-24 would
be

Anonymous Quiz

👍8

207 voters1.09K views09:34

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4) M/s ABC made an arrangement with M/s PQR for supply of goods on 15th July, at this time goods didn't cross custom frontiers. The payment of goods has been made on 16th July, while the invoice was made on 18th July.What will be the Time of Supply ?

Anonymous Quiz

16th July or 18th July whichever is suitable to supplier

😱3🔥2👍1👏1

187 voters1.06K views07:58

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5) During the P.Y. 2022-23, Mr. Vishal, a non-resident, received ₹75,00,000 on account of sale of agricultural land in Mauritius. The money was first received in Mauritius and then remitted to his Indian bank account. Is the sum taxable in India?

Anonymous Quiz

25%

No, as agricultural income is exempt u/s 10(1).

40%

No, as the income has accrued and arisen outside India and is also received outside India

15%

Yes, since it is remitted to India in the same year.

20%

Yes, as agricultural income earned outside India is not exempted in India in the hands of a NR

👍6👏4

187 voters1.06K views10:44

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A Ltd ( GST Reg. In Delhi) has appointed Mr.C (UP) to act as his agent and supply goods on his behalf to buyers in UP, A Ltd has dispatched first lot of 10000 units to Mr.C for sales to buyers in UP. Such dispatch to Mr.C

Anonymous Quiz

50%

Be treated as supply

22%

Not be treated as supply

22%

Will be treated as supply subsequently

None of the above

👏3👍1

165 voters1.03K views06:31

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Mr. X, aged 61 years, earned dividend of ₹ 12,00,000 from ABC Ltd. in P.Y. 2022-23. Interest on loan taken for the purpose of investment in ABC Ltd., is ₹ 3,00,000. Income included in the hands of Mr. X for P.Y. 2022-23 would be –

Anonymous Quiz

👍4❤1

155 voters978 views10:20

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8) Mr.Srinivas is a trader of icecream who wants to opt for composition scheme u/s 10(1), if all other conditions satisfies, the total effective composition tax rate applicable to Mr.Srinivas will be -

Anonymous Quiz

15%

1% of turnover in state

26%

1% of turnover of taxable supply in state

17%

5% of turnover in state

42%

Not eligible for composition scheme

👍3👏1

163 voters986 views11:45

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If the converted property is subsequently partitioned among the members of the family, the income derived from such converted property as is received by the spouse of the transferor will be taxable –

Anonymous Quiz

19%

as the income of the karta of the HUF

27%

as the income of the spouse of the transferor

14%

as the income of the HUF

40%

as the income of the transferor-member

👍1

154 voters946 views13:47

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A radio taxi driver has provided his services through Electronic Commerce Operator - Luber cabs. The tax on such supplies shall be paid by -

Anonymous Quiz

70%

Electronic Commerce Operator - Luber cabs

17%

Radio taxi driver

Customer receiving the services from radio taxi driver

None of the above

198 voters996 views13:41

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……………. refer to representations by management, explicit or otherwise, that are embodied in the financial statements, as used by the auditor to consider the different types of potential misstatements that may occur.

Anonymous Quiz

42%

Assertions

11%

Positive Confirmation

17%

Written representation

31%

Audit Evidence

👍4

161 voters975 views11:16

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12) Annual credit sales Rs. 4,00,000; Average collection period 45 days (assume 360 days in a year). What is Average debtors?

Anonymous Quiz

👍1

153 voters960 views07:56

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13) _______ refers to the record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached.

Anonymous Quiz

161 voters980 views12:44

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14) What should be the optimum Dividend payout ratio, when r=12% and Ke=10%?

Anonymous Quiz

138 voters948 views12:16

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A request from the client for the auditor to change the engagement may result from -

Anonymous Quiz

12%

a change in circumstances affecting the need for the service

a misunderstanding as to the nature of an audit or related service originally requested

17%

a restriction on the scope of the engagement,whether imposed by mangmnt or caused by circumstances

63%

All of the above

129 voters853 views14:40

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928 views03:54

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16) While evaluating projects with different initial outlay, which of the following methods is more appropriate than NPV?

Anonymous Quiz

22%

Payback period

28%

Accounting rate of return

26%

Profitability index

24%

Discounted Payback Period

130 voters868 views13:25

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17) In order to form the opinion, the auditor shall conclude as to whether the auditor has obtained ______ about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error.

Anonymous Quiz

132 voters842 views06:28

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18) A company has a Debt Equity ratio of 1.75 as compared to 1.5 Industry average. It means that the company has _______________.

Anonymous Quiz

23%

Higher capital employed

54%

Higher financial risk

13%

Higher capital employed

10%

Higher profitability