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Income tax Poll
Ankit is the co-owner of a house property along with his brother. He has submitted the following information:
(i) Municipal value of the house : Rs 1,50,000
(ii) Fair Rent : Rs 1,40,000
(iii) Standard rent : Rs 1,20,000
(iv) Actual rent : Rs 1,35,000
(v) Municipal taxes paid: 10% of municipal value
The loan for the construction of the property is jointly taken and the interest charged by the bank is Rs 30,000 out of which Rs 26,000 has been paid. Interest on unpaid interest is Rs 200.
Compute income from house property in the hands of Ankit.
Audit Poll
CA Dev has been appointed as an auditor of Get Ltd. for the financial year 2021-22. Before the commencement of the audit, he understands various controls and processes of the entity. The auditor adopted an unbiased approach while determining materiality level and sample size. CA Dev and his team are sincere and honest while performing the audit work. Which fundamental principles of professional ethics are highlighted in the above scenario?
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GST Poll
Funky Pvt Ltd. enters into a contract with an actress - Kirti Khanna - to act as a brand ambassador of products manufactured by Funky Pvt Ltd. It is agreed between both of them that the actress will not act as a brand ambassador of any other company for a period of 3 years. The fee payable to Kirti Khanna for such contract is Rs. 2 crores. Funky Pvt Ltd. paid Rs. 50 lakhs immediately and agreed to pay balance amount of Rs 1.5 crores on completion of contract. What will be the amount of consideration in this case?
Income tax Poll
Jannat Apartments Ltd. is engaged in construction of residential flats. A building consisting of 20 residential apartments was constructed and completion certificate was obtained on 20.01.2020. Out of 20 residential apartments, 7 apartments remained unsold upto 31.03.2023. The expected rent of each apartment is Rs 3,00,000 per annum. Calculate the gross annual value for the A.Y 2023-24.
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Audit Poll
The agreed terms of the audit engagement shall be recorded in an audit engagement letter or other suitable form of written agreement and shall include:
(I) Objective and Scope of the audit
(II) The responsibilities of the auditor
(III) The responsibilities of the audit committee
(IV) Identification of the applicable financial reporting framework for the preparation of the financial statements
(V) Reference to the expected form and contents of the workpaper
Which of the following shall not form a part of the engagement letter?
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Audit Poll
CA Kay has been appointed as an auditor of Shine Ltd for financial year 2021-22. Before the commencement of the audit, he wants to evaluate the internal control system of the procurement department. For this, he scheduled a meeting with the Purchase manager and had a discussion regarding approval of vendors. Then, he interacted with the store head and had a discussion related to issuance of tools and authorization. He also interacted with the accounts manager regarding recording of purchase entries. Relationship of auditing with which discipline is being highlighted here?
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Audit Poll
If the auditor is unable to agree to a change of the terms of the audit engagement and is not permitted by management to continue the original audit engagement, the auditor shall:
(I) Withdraw from the audit engagement where possible under applicable law or regulation
(II) Issued a modified opinion
(III) Determine whether there is any obligation, either contractual or otherwise, to report the circumstances to other parties, such as those charged with governance, owners or regulators
Choose the correct option:
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