CORRIGENDUM: Question 4(b) - Add Rs. 5,000 to my answer on account of fees u/s 234F. Note that additional income tax will not be payable on the amount of fees.
Given the language of question, it appears that amount is received only for non performance of contact in time. It is merely a flow of money without a corresponding consideration for supply. The key in such cases is to consider whether the payments constitute consideration for another independent contract envisaging tolerating/refraining/doing an act. If the answer is yes, it constitutes a 'supply', otherwise it is not a "supply".
I could not find it on the link where ICAI shares the question papers - www.icai.org/post/question-papers-intermediate-course Can you share the link. If I get it , I will make the video.
This restriction is applicable in respect of inhouse expenditure on scientific research, not in respect of contribution to research association. I have spoken about this in the video.
Papers is of medium difficultly but seems extremely lengthy, student cant all the suitable notes within 3 hours, so can we write one line note with suitable section ???
Length of note is not relevant. Clarity is relevant. Examiner should understand what you are trying to say. One liners with suitable section reference will suffice.
CORRIGENDUM: Question 4(b) - Add Rs. 5,000 to my answer on account of fees u/s 234F. Note that additional income tax will not be payable on the amount of fees.
Sir q 5 point 2 is taxable because it is pre determined contract.
Given the language of question, it appears that amount is received only for non performance of contact in time. It is merely a flow of money without a corresponding consideration for supply. The key in such cases is to consider whether the payments constitute consideration for another independent contract envisaging tolerating/refraining/doing an act. If the answer is yes, it constitutes a 'supply', otherwise it is not a "supply".
Now ICAI shares MCQ Question paper too, kindly upload it's solution also Sharad Sir
I could not find it on the link where ICAI shares the question papers - www.icai.org/post/question-papers-intermediate-course Can you share the link. If I get it , I will make the video.
sir in first question land purchsed for scientific research is not allowed deduction
This restriction is applicable in respect of inhouse expenditure on scientific research, not in respect of contribution to research association. I have spoken about this in the video.
@sharadbh kk thank you sir
Papers is of medium difficultly but seems extremely lengthy, student cant all the suitable notes within 3 hours, so can we write one line note with suitable section ???
Length of note is not relevant. Clarity is relevant. Examiner should understand what you are trying to say. One liners with suitable section reference will suffice.
sir when the icai is going to issue the suggested answer
I hope this month.