Solved Questions

During the early Vedic period in India, which took place between 1500 BCE to 1000 BCE, the economy of the region was primarily based on agriculture and pastoralism. The Vedic people were highly skilled in agriculture and implemented various forms of irrigation, such as digging canals and building wells, to support their farming practices. Cows …

Discuss the nature of economy and religion of the early Vedic period. Read More »

The Early Harappan Civilization, also known as the Indus Valley Civilization, was one of the most advanced civilizations of its time, emerging around 3300 BCE and lasting until approximately 2600 BCE. During this period, the people of the civilization were primarily farmers who cultivated crops using advanced techniques such as plowing and irrigation. They also …

Briefly discuss the character of Early Harappan Civilization? Describe the major sites of the early Harappan period. Read More »

Archaeological excavation refers to the controlled and systematic digging of archaeological sites to uncover and analyze the artifacts, structures, and other remains left behind by past human societies. It is a fundamental component of archaeological research as it allows archaeologists to directly access the material culture of a particular site and learn about the ways …

What do you understand by archaeological excavation? What is the difference between archaeological exploration and excavation? Read More »

Literary sources are written documents, manuscripts, or inscriptions that provide insights into the past. They could be in the form of poetry, drama, chronicles, religious texts, or other literary genres. In the context of Indian history, two prominent literary sources are Puranas and Sangam literature. Both of these are valuable for understanding ancient Indian history. …

What is a literary source? Evaluate the relevance of Puranas and Sangam literature in the reconstruction of ancient Indian history. Read More »

Determining the annual value of a house property that is partially self-occupied and partially let out can be a complex process that involves a number of factors. The first step in this process is to calculate the Gross Annual Value (GAV) of the property. In the case of a property that is self-occupied for a …

How would you determine the annual value of house property, which is selfoccupied for a part of the year only and let out for the remaining part. Read More »

When determining the value of rent-free accommodation for public employees, it is important to consider all the components of their remuneration package that are related to their living expenses. This includes their salary, as well as any additional benefits and payments that contribute to their overall standard of living. However, certain components of an employee’s …

What is not included in ‘Salary’ for calculating the value of rent-free accommodation for a public employee? Read More »

To compute the taxable House rent allowance, we need to calculate the following: Let’s calculate each of these: 1. The total amount of HRA received by Mr. Sanjeev per year:HRA per month = Rs. 1,200HRA per year = HRA per month x 12 = Rs. 14,400 2. The actual amount of rent paid by Mr. …

Mr. Sanjeev is working in a concern. His basic pay is Rs. 6,000 p.m. and dearness pay at 10% of basic pay. Commission based on fixed percentage of turnover Rs. 25,000 for the whole year. House rent allowance is Rs. 1,200 p.m. and actual rent paid by him Rs. 1,000 p.m. House is situated in Lucknow. Compute taxable House rent allowance. Read More »

Assesses are individuals or entities who are liable to pay taxes on their income or profits to the government. The tax system of a country may categorize assesses into various types based on their residence status, such as resident, non-resident, and resident but not ordinarily resident. The categorization of assesses based on their residence status …

What are the different categories into which the assesses is divided on the basis of residence? Read More »

(a) Auditing Standards Auditing standards are a set of principles and guidelines that auditors must follow while conducting audits to ensure that the audit is performed in a consistent and professional manner, and that the auditor’s opinion on the financial statements is reliable and unbiased. The International Auditing and Assurance Standards Board (IAASB) and the …

Write short notes on the following: (a) Auditing Standards (b) Clear Report and Qualified Report (c) Continuous Audit (d) Importance of Vouching Read More »

Cost audit is a process that involves a comprehensive examination and verification of a company’s cost accounting records and statements. The objective of this audit is to ensure that a company’s cost accounting system is operating efficiently, effectively, and accurately. The cost audit helps identify areas where cost-saving measures can be implemented and ensures that …

What is cost audit? What are its objectives? State the advantages and limitations of cost audit. Read More »