21⟩ Which employers are covered under voluntary retirement scheme?
★ A Public Sector Company
★ Any other Company
★ An authority established under a Central or State Act
★ A local Authority
★ A Co-operative Society
★ A University
Chartered Accountant (CA)
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31 Chartered Accountant (CA) Questions And Answers
22⟩ List the criterion for exemption of H.R.A?
H.R.A depends upon the following:
★ Salary of the employee
★ House Rent Allowance
★ Rent paid by the employee
★ The place where the house is taken on rental basis.
23⟩ Explain the difference between short term capital asset and long term capital asset?
Short term capital assets are those assets which are held by an assessee for not more than 36 months, immediately prior to its date of transfer. But in the following cases an asset help for not more than 12 months is treated as short term capital asset:
★ Equity or Preference shared in a company.
★ Securities listed in a recognized stock exchange in Country.
★ Units of UTI
★ Units of a mutual fund specified under sec 10(23D)
Long term capital assets are those assets which are held by an assessee for more than 36 months.
24⟩ What is Pension?
Pension is a periodical payment received by the employee from the employer after he ceases to be the employee. It is taxed as Salary.
Calculation of pension is done in two forms:
★ Uncommuted Pension - is regular periodical pension to employee which is taxable to all kinds of employees.
★ Commuted Pension is a lump sum payment in lieu of periodical pension.
★ If such pension is received by government employee then it is wholly exempt.
Non government employees can avail exemption to a certain extent:
★ If employee is in receipt of gratuity, 1/3 of commuted value.
★ If not, then one half of commuted value.
25⟩ What is Gratuity?
Gratuity is the amount payable by the employer to the employee as recognition for the long term association of the employee with the employer.
It may be payable by the employer in two ways:
★ On employee's retirement.
★ On the death of the employee to the legal heirs of the employee.
But in both the cases the treatment will be different. The amount paid by the employer to the employee on his retirement is taxed as 'Income from Salaries' while the amount paid by the employer on the death of the employee is taxed as 'Income from Other Sources'.
26⟩ List the five heads of income to calculate Total Income of the Assessee?
★ Income from Salaries
★ Income from House Property
★ Profits from Business and Profession
★ Income from Capital Gains
★ Income from Other Sources
27⟩ What is capital budgeting?
Capital budgeting is a process by which we decide the best alternative for the organisation in terms of revenue amongst various available alternatives..
A project is vaible is if inflow of fund is atleast equal to the outflow of fund, this is also called as break even piont. But in capital budgeting we calculate outlfol nd inflow of vairous available alternative and choose the best one for the company
28⟩ What is the real work of a charterd accountant man after became a chartered accountant?
29⟩ I am a ca final student and i follow all your ca studies videos. these are of great help. this may 17 will be my 11th attempt in ca finals and i dont think ill be clearing in this attempt also. i just wanted to ask whether i should leave ca? what if i go for a career in some field other than in finance if i choose to leave ca at this stage? looking forward for your response as soon as as possible. thanks in advance,
30⟩ Can fcra utilised bank account tranfer amount to fc account?
YES,FCRA UTILISED BANK ACOUNT CAN TRANSFER AMOUNT TO FC ACCOUNT OF OTHER ASSOCIATION PROVIDED IT IS ALSO REGISTERED UNDER FOREIGN CONTRIBUTION REGULATION ACT 1976
31⟩ Why you choose to become a ca?
To become a great person.
