AAFM GLO_CWM_LVL_1 Questions Answers

You buy a new computer for your business costing approximately Rs. 5,000. You expect a salvage value of Rs. 1000 selling parts when you dispose of it. Your business has upgraded its hardware every four years, so you think this is a more realistic estimate of useful life, since you are apt to dispose of the computer at that time. Calculate the amount of depreciation using straight line method?

Compulsory audit of account is required u/s 44AB of IT, if the total sales/ turnover exceed _______

An employee joined in the year 2000 in a sugar mill. After working all the years as a seasonal employee up to the year 2011. He retires with the following monthly salary Basic Salary 2000 / DA 1000/ HRA 500. How much gratuity is payable to him?

Fine in case of cheque bouncing can go up to _________.