27 Jan 2021 Accounts team meeting

X Ltd has CC account with AB Bank Ltd. X Ltd wants to open a current account with BC bank Ltd. Which of below are correct

• X Ltd cannot open current account with BC Bank Ltd

• X Ltd cannot open current account but can open one more CC account with BC Bank Ltd

• X Ltd cannot open current account but can open one more CC account with BC Bank Ltd provided it has fund based facility from BC Bank Ltd

As per revised GST Law, E Invoicing is applicable to

• 1 those tax payers whose turn over is above 100 Crore in the preceding FY

• those tax payers whose turn over is above 100 Crore in the current FY

• To those tax payers whose turn over 100 and above crores in the preceding FY

• To those tax payers whose turn over 100 and above crores in the Current FY

As per the revised definition of MSMED which is correct for Medium enterprises

• Investment below 25 Crore & Annual Turn Over less than 100 Crore

• Investment below 50 Crore & Annual Turn Over less than Crore 150 Crore

• Investment below 50 Crore & Annual Turn Over less than Crore 250 Crore

• Annual turn over less than 250 Crore

CARO 2020 ( Revised Companies Auditors Report Order) will be applicable from

• 1st April 2020

• 1st April 2021

• 1st April 2022

• Date not fixed

X Ltd wants to revise its depreciation policy on P&M from 10 years to 5 years. Which of below are correct

• It can do so for all assets in the block

• It cannot do so for existing assets but can do only for new assets in the block

• It cannot change its depreciation policy once concluded earlier

• Auditor can decide

As per IND AS 7 Cash Flow Statement, Payment of taxes is

• Cash flow from financing activities

• Cash flow from Investing activities

• Cash from operating activities

• None of the above

Which of below statement is correct

• Increase in working capital results in cash inflow

• Increase in working capital results in cash outflow

• None of the above

As per Income Tax Act 1961 Sale of depreciable asset always results in

• Long term capital gain/loss

• Income from other sources

• Short term capital gain/loss

• Income from business or profession

The budget for the year 2021-2022 will be presented in the parliament on

• 2nd February 2021

• 28th February 2021

• 1st February 2021

• Date is not fixed

MAT credit is allowed to be carried forward

• 5 Assessment Years

• 8 Assessment Years

• 15 Assessment Years

• No such time limit