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Audit Poll
CA Naman was apponited as a statutory auditor of Phoenix Pvt Ltd. The auditor sent the audit engagement letter to the client. However, some limitations were imposed by the management in the terms of proposed audit engagement. CA Naman is of the belief that the limitation will result in disclaimer of the opinion. What should CA Naman do in this situation?
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Mr Pulkit, aged 26 years, paid medical insurance premium of Rs 20,000 on his health and Rs 23,000 on his father's health, aged 57 years. He also contributed Rs 6,000 for him and Rs 5,000 for father to Central Government Health Scheme.
Compute the amount of deduction allowable to Mr. Pulkit under section 80D.
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Audit Poll
Which of the following statements are true?
Statement I : The extent of compliance procedures may need to be increased when risk of material misstatement is low
Statement II : The auditor can express opinion based only on risk assessment procedures.
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Hi,
Today, we will release an eye-opening episode with CA Bhumika Sankhla on our podcast: The Neeraj Arora Show.
Bhumika hails from Ajmer and became a Chartered Accountant this year. She's currently working with one of the Top Global Consulting Firms, BCG!
In today's episode, Bhumika has shared essential tips on making a holistic resume, preparing for the interview, developing a habit of reading books and much more.
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Audit Poll
Which of the following statements are true?
Statement I : Qualified opinion is issued when the financial statements are materially misstated and pervasive.
Statement II : Internal control is the process designed, implemented and maintained by auditors while conducting audit.
Audit Poll
M/s Amit & Associates were statutory auditors of Star Limited for the last three years. Before the commencement of the audit for the financial year 2022-23, Mr. Raman, CEO of Star Limited met with a road accident and died. Mr. Akshat, son of Mr. Raman joined as a new CEO of the company. Mr. Akshat makes sure that the management of the company shall provide the auditor with all the required information necessary for audit. Which of the following statements is correct in the given case?
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Audit Poll
Which of the following statements are true?
Statement I : The relevance of information, and thereby its value, tends to increase over time
Statement II : The auditor is not expected to be an expert in the authentication of documents.
GST Poll
Floral Pvt Ltd. received an order to supply goods worth Rs 4,00,000 to Anmol Ltd. Since these goods were to be distributed to Old Age Homes, a subsidy of Rs. 50,000 and Rs 20,000 was received by it from U.P Government and Akshaya Trust respectively so that Anmol Ltd. is only required to pay Rs. 3,30,000 to Floral Pvt Ltd. What will be the vale of supply for Floral Pvt Ltd.?
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Income tax Poll
Mr Rishabh received interest on enhanced compensation of Rs 10,00,000 on 25-06-2022. Out of this interest, Rs 4,50,000 relates to the previous year 2020-21, Rs 3,00,000 relates to previous year 2021-22 and Rs 2,50,000 relates to previous year 2022-23. He incurred Rs 70,000 by way of legal expenses to receive the interest on such enhanced compensation.
What shall be the amount which is chargeable to tax under the head “Income from other souces” in hands of Mr Rishabh for A.Y. 2022-23?
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