The 'Presumptive Taxation' for professionals under Section 44ADA applies to gross receipts up to:
A. ₹2 crore
B. ₹25 lakh
C. ₹1 crore
D. ₹50 lakh
Answer: Option D
Solution (By JKSSB Mock Tests)
Section 44ADA provides for presumptive income at 50% of gross receipts for specified professionals with receipts up to ₹50 lakh (now ₹75 lakh in some cases).
S1: Under Ind AS 19, actuarial gains and losses on defined benefit plans are recognized in Other Comprehensive Income (OCI). S2: These actuarial gains and losses recognized in OCI are subsequently reclassified to the Profit and Loss account in future periods. Which statement(s) is/are correct?
Explanation:
Ind AS 19 requires remeasurements (actuarial gains/losses) of defined benefit plans to be recognized in OCI. S2 is incorrect because these amounts are recognized directly in retained earnings and are NOT reclassified (recycled) to P&L in subsequent periods.
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