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This channel aims to help CA students at inter/Ipc level by sharing notes,video clips,summary charts,voice clips etc
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The latest Messages 5
2022-04-26 08:08:22
The correct answer to above question would be
(b). ITC would be allowed only in respect of services in (i) and (ii) since they are for business purpose.
498 views05:08
2022-04-25 07:46:10
0 voter28 views04:46
2022-04-25 07:45:09
GST Question for Today:- Mr. Raghu avails services of Mr. Raja, a Chartered Accountant, as under-
(i) Audit of financial accounts Rs. 55,000
(ii) Tax audit and annual filing Rs. 10,000
(iii) Income-tax return filing of Mr. Raghu ’s wife Rs. 5,000
All the above amounts are exclusive of taxes and the applicable rate of GST on these services is 18%.
The accountant of Mr. Raghu has booked the entire expenses of Rs. 70,000 plus GST in the books of account. Mr. Raghu is eligible to take input tax credit of -
(a) Rs. 13,500
(b) Rs. 11,700
(c) Rs. 9,900
(d) Rs. 1,800
37 views04:45
2022-04-25 07:44:27
The correct answer to above question would be
(b) . In case of capital goods used for course & furtherance of business, ITC is allowed on receipt of goods (the fact that capital goods will be used over a period of time will have no relevance)
48 views04:44
2022-04-23 11:49:34
202 voters521 views08:49
2022-04-23 11:47:02
GST Question for Today:- Mr. Shubham has purchased a new refrigerator (to be used in kitchen of his office for use by his employees) for Rs. 2,50,000 (plus GST of Rs. 30,000) on 25th May 2021. He has estimated its useful life to be 5 years and hence he has decided to charge 20% depreciation each year on straight line basis. Which of the following statements is correct about availment of ITC:-
a) He should avail ITC of Rs. 500 each month so that he can claim ITC over a period of 36 months
b) He can avail entire ITC of Rs. 30,000 in May 2021 itself, irrespective of how depreciation is charged in books of accounts
c) He is not allowed any ITC since refrigerator is not used in course and furtherance of business
d) He is not allowed any ITC since it is specifically restricted under section 17(5)
534 views08:47
2022-04-22 20:53:49
138 voters247 views17:53
2022-04-22 20:52:41
262 views17:52
2022-04-22 16:33:31
522 views13:33
2022-04-22 08:15:12
169 voters323 views05:15
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