Hey, look  In case of emergency purchase, the difference in price i.e. variance is because of Production manager, as he has not given order in time and due to which the purchase has to be done in emergency at high rate, so the same will be charged from production manager i.e. M.Usage variance not in … Continue reading Answer for What will the price when any purchase made in emergency?

Whose Liability?? Every Individual, Hindu Undivided Family and Company whose net wealth exceeds the maximum amount which is not chargeable to wealth tax in any previous year ending of 31st March is liable to file the wealth tax return. The maximum limit of net wealth not chargeable to tax under the provisions of the Wealth … Continue reading Answer for Who is liable to file Income Tax Return and what is the due date

As per the notification no. WSU/4(2)97/Administrative Charges, dated on 02.03.2015 the rate of Administrative Charges  has been reduced to 0.85% from 1.10% of the pay w.e.f. 1st January,2015. Here pay means Basic Wages + DA + Cash Value Of Food Concession. But department has given a limit for A/C 2 (Admin Charges On PF) And A/C No … Continue reading Answer for Changes in Administration on P.F. w.e.f. 1st january, 2015

According to the Institute of Chartered Accountant of India, if any person who is holding a COP in a full time practice and if he want to surrender his COP then he have to submit a letter with the institute along with the copy of COP which will be self attested by him. Moreover, if he … Continue reading Answer for How to surrender COP to ICAI

Definition: If, and only if, the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. Treatment: An impairment loss shall be recognized immediately in profit or loss, unless the asset is carried at revalued … Continue reading Answer for What will be the treatment of impairment loss as per IFRS?