CA Ritika Mittal's Profile
Accountant
292
points

Questions
0

Answers
38

  • Accountant Asked on February 28, 2015 in Financial Planning.

    In Simple words, Deferred Tax Liability is a Provision for Future Taxation.This is in stark Contrast to Provision for Taxation. Provision for Taxation is basically a provision for Current year Taxation. Deferred Tax Liability arises due to timing difference in the value of Assets as per Books of Accounts and as per Income Tax Act.

    Also we can say that Deferred Tax Liability/Asset arises due to the difference between Profit as per Books of Accounts (P&L Account) and profit as per Income Tax Act. (Taxable Income).

    • 563 views
    • 1 answers
    • 0 votes
  • Accountant Asked on February 28, 2015 in Financial Planning.

    Demat account, the abbreviation for de-materialised account, is a type of banking account which de -materializes  paper-based physical stock shares. Demat account is an account wherein you can hold shares of various companies in the de-materialised (electronic) form.

    The dematerialised account is used to avoid holding physical shares.

    • 862 views
    • 1 answers
    • 1 votes
  • Accountant Asked on January 12, 2015 in Financial Services.

    As per Rule 3 of the Companies (Management & Administration) Rules, 2014 all the existing companies, registered under the Companies Act, 1956, shall prepare its registers of members as per the provisions of section 88 of the Companies Act, 2013 within a period of 6 months from the date of commencement of Companies (Management & Administration) Rules, 2014.

    Further after 1st April 2014 all the registers of Directors & KMP shall be prepared as per the provisions of the section 170 of the Companies Act, 2013. The register of directors & director’s shareholding maintained before 1 April, 2014 as per the provisions of the companies Act, 1956 needs not to be converted as per the provisions of the section 170 of Companies Act, 2013.

    Please read section 170 & 88 for better understanding.

    This answer accepted by Suveer Sachdeva. on January 12, 2015 Earned 15 points.

    • 648 views
    • 1 answers
    • 0 votes
  • Accountant Asked on January 12, 2015 in Financial Services.

    Equity shares can be of two type only:
    1. with voting rights
    or
    2.with differential rights as to dividend, voting or otherwise in accordance with such rules and subject to such condition as may be prescribed.

    This answer accepted by Suveer Sachdeva. on January 12, 2015 Earned 15 points.

    • 704 views
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    • 0 votes
    • 537 views
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  • Accountant Asked on January 12, 2015 in Taxes.

    Person  whose aggregate value of services  during a year exceeds Rs 9 lacs is required to apply for service tax No.
    Yes, there is a provision for centralized registration also.

    • 1011 views
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    • 0 votes
  • Accountant Asked on January 12, 2015 in Financial Services.

    Please clarify what is co-relation b/w standard deduction &  donation eligibility for deduction?????

    • 550 views
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    • 0 votes
  • Accountant Asked on December 13, 2014 in Funds.

    KYC is an acronym for “Know your Customer”, a term used for customer identification process. It involves making reasonable efforts to determine true identity and beneficial ownership of accounts, source of funds, the nature of customer’s business, reasonableness of operations in the account in relation to the customer’s business, etc which in turn helps the banks to manage their risks prudently. The objective of the KYC guidelines is to prevent banks being used, intentionally or unintentionally by criminal elements for money laundering.

    KYC has two components – Identity and Address. While identity remains the same, the address may change and hence the banks are required to periodically update their records.

    KYC is applicable to customers of the bank. For the purpose of KYC following are the ‘Customers of the bank.

    • a person or entity that maintains an account and/or has a business relationship with the bank;
    • one on whose behalf the account is maintained (i.e. the beneficial owner);
    • beneficiaries of transactions conducted by professional intermediaries, such as Stock Brokers, Chartered Accountants, Solicitors etc. as permitted under the law, and
    • any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank, say, a wire transfer or issue of a high value demand draft as a single transaction.
    • 739 views
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    • 0 votes
  • Accountant Asked on December 13, 2014 in Taxes.

    You have to compare tax ability under the two alternatives and choose the option with lower tax liability.

    1. HRA- Least will be exempted-a. Actual HRA Received b. Rent paid -10% of Salary c. 40% of Salary in case of not metro cities
    2. RFA- a.if accommodation owned by govt then taxable value =Licence Fee+10% (if Furnished),
    b. if accommodation not owned by govt. then taxable value =rent paid by govt. employer +10% (if furnished)

    This answer accepted by Suveer Sachdeva. on December 13, 2014 Earned 15 points.

    • 802 views
    • 1 answers
    • 2 votes
  • Accountant Asked on December 13, 2014 in Funds.

    Yes, you are right.

    • 1817 views
    • 4 answers
    • 3 votes