Integrated Business Solutions - November 2024

The Question Paper comprises five case study questions. The candidates are required to answer any four case study questions out of five. CVV & Co., a Chartered Accountant firm, has been into practice since 2005 in Chandigarh. CA. Harsh Aggarwal and CA. Sandeep Jain started their firm after practicing individually for almost 10 years, CA. Anirudh joined the firm in 2010 and now the firm has grown into big firm of six partners. Over the years, the firm has flourished…

J succesren answer ANSWER INTEGRATED BUSINESS SOLUTIONS 1,000 shares in Bright Limited from his friend at 125 (outside stock exchange). The lowest market quotation in the Bombay Stock Exchange and the National Stock Exchange on the date of purchase was % 210 and % 278 respectively. He received = 1,25,000 as interest on Non-Resident External Account maintained with bank in India and % 1,75,000 as interest on Debentures of X Ltd. (Subscribed in convertible foreign exchange). Multiple Choice Questions …

CA. Sandeep Jain should deal with the issues outlined in the case of Moon Ltd. and Prime Ltd. in the following manner: (i) In case of Moon Ltd.: As per SA 705, "Modifications to the Opinion in the Independent Auditor's Report”, the auditor shall express an adverse opinion when the auditor, having obtained sufficient appropriate audit evidence, concludes that misstatements, individually or in the aggregate, are both material and pervasive to the financial statements. In the given case of Moon…

J succesren answer ANSWER INTEGRATED BUSINESS SOLUTIONS [Exempt under section 10(4)(ii)] Interest on debentures of X Ltd. 1,75,000 5,08,000 [Subscribed in convertible foreign exchange] Gross Total Income/Total Income 61,24,427 Gross Total Income/Total Income 61,24,430 (Rounded off) Tax Liability = Tax @10 u/s 112A on & 38,74,000, 3,87,400 being the amount in excess of ₹1 lakh on sale of equity shares of X Ltd. = Tax @15% u/s 111A on & 13,45,427 2,01,814 on sale of equity shares of Y Ltd.…

(% 210, 85,000 being lowest market quotation in recognized stock exchange - % 125, being purchase price) x 1,000] in the value of shares of Bright Limited purchased from his friend [Taxable, since difference exceeds = 50,000] Interest of = 1,25,000 on NRE Account - [Exempt under section 10(4)(ii)] Interest on debentures of X Ltd. 1,75,000 5,08,000 [Subscribed in convertible foreign exchange] Gross Total Income/Total Income 52,15,345 Tax Liability = Tax @10 u/s 115E on % 30,64,918, 3,06,492 being the…

Invoice in respect of said 200 units will be issued on expiry of 6 months from the date of removal, i.e. on 01.03.2024. (ii) HCP Limited may claim refund of accumulated input tax credit in accordance with the provisions contained in section 54(3) of the CGST Act, 2017 read with rule 89(4) of the CGST Rules, 2017 in respect of zero-rated supply of 200 units after he has issued the tax invoice on the date specified above. Green Energy Ltd.…