Here is Portfolio page of Chiranjibi Chapagain, with all his work

What rate of GST is applicable on electricity bills?

No, GST is not applicable in case of electricity bill as distribution of electricity is covered under exemptions.
Kindly discuss the difference between vision and mission.
A Mission Statement defines the company's business, its objectives and its approach to reach those objectives. A Vision Statement describes the desired future position of the company. Elements of Mission and Vision Statements are often combined to provide a statement of the company's purposes, goals and values.
Following are the major differences between vision and mission:
1. The vision describes a future identity while the Mission serves as an ongoing and time-independent guide.
2. The vision statement can galvanize the people to achieve defined objectives, even if they are stretch objectives, provided the vision is specific, measurable, achievable, relevant and time bound. A mission statement provides a path to realize the vision in line with its values. These statements have a direct bearing on the bottom line and success of the organization.
3. A mission statement defines the purpose or broader goal for being in existence or in the business and can remain the same for decades if crafted well while a vision statement is more specific in terms of both the future state and the time frame. Vision describes what will be achieved if the organization is successful.
Business environment is a sum of internal and external factors that affects its performance.
Mar. 20, 2017
How does the Comptroller and Auditor General of India perform the Audit of Receipts and Expenditure of local bodies and authorities?

In case of bodies or authorities which are substantially financed by grants or loans from the aconsolidated funds of India or states and UTs, the CAG should audit all receipts and expenditure of that body or authority. After that, he has to report on the receipts and expenditure audited by him.

And in case, the grant or loan above is less than Rs. 25 lakhs, and if the amount of grant is more than 75% of the total expenditure of that authority, they will also be called as substantially financed by such grant or loan, and the CAG shall treat them the same.
How are rented or leased goods treated for valuation purposes?

A lease is an agreement whereby the lessor (owner of property) allows the lessee use of the property in exchange for lease payments.
Operating leases give the lessee the use of property without ownership. Operating leases are sometimes used to initiate off-balance-sheet financing of assets.
Capital or Financing leases transfer ownership from lessor to lessee. Under capital leases, the lessee will record the asset at the present value of lease payments not to exceed the fair market value of the asset.
The following examples will illustrate certain basic calculations in valuing leases.
You will need to refer to present value tables to understand the source of present value factors.
Example 1 : What is the value of the leased asset?
Annual lease rental payments are Rs 10,00,000 under a 5 year lease. The financing rate for this lease is 12% and payments are made at the beginning of the year. Since payments are made at the beginning of the year, we will use a present value factor for an annuity due. Remember that many present value tables are based on year-end payments.
Step 1: Determine the present value factor to use, 4 years (n-1) and 12% gives us 3.0373 + 1.0000 = 4.0373 present value for annuity due at 12% for 5 years.
Step 2: Calculate the present value of cash flows associated with the lease.
Thus, Rs 10,00,000 x 4.0373 = $ 40,37,300 is the Value of Leased Asset.
How do I verify the Deferred Tax Liability, as shown in the books of accounts of my client?
A deferred tax liability is an account on a company's balance sheet that is a result of temporary differences between the company's accounting and tax carrying values, the anticipated and enacted income tax rate, and estimated taxes payable for the current year.
You can verify this amount with the help of following points:
- Check the creation of Deferred Tax Liability and its actual working.
- Check how much Deferred Tax Liability is reversed during the year.
- Check that Deferred Tax Liability is disclosed as relating to depreciation and as relating to others.
- Check that the provisions of AS 22 “Accounting for Taxes on Income” have been complied with.
If there are Borrowings from Bank appearing in the books of a trading company, what points should be considered by an auditor while verifying the same?
Borrowings from a bank may be either in the form of overdraft limits; or short term or medium term or long term loans.
The audit procedures which an auditor may adopt are outlined below-
1. First of all, ensure that balance as per books of the client and the bank statement are tallying. In case there is any difference between the two amounts, reconciliation statement prepared by the client should account for reasons of such differences.
2. Examine whether the said borrowings from the bank have been duly authorized by appropriate authority.
3. Examine documents to ensure that statutory requirements, if any, with regards to creation and registration charges have been met.
4. Examine the loan agreement and ensure that the terms therein have been duly complied with.
5. Ascertain the purpose for which loan has been raised and examine whether end use of the funds have been accordingly made.
Does my aggregate turnover include the Goods and Supplies that I have supplied acting as an agent for another company?

Yes, while calculating your aggregate turnover of your establishment, you should consider both supplies of goods and services made by it either in the capacity of a principal or an agent. So, you should include the goods and supplies that you have made in the capacity of an agent, in your aggregate turnover.
What is written Representation as defined in SA580?
Mar. 22, 2017
I am a resident Indian Individual. I have paid housing interest of Rs, 2000000 this year because of which I have a loss of Rs 800000 in house property.

Apart from this, I have income from salary Rs 45 lakhs.

My query is, can I set off the entire loss of Rs 8 lakhs from Income from salary?

No, you can not set off the entire amount of Rs. 8 lakhs (loss from house property) with the income from salary.
You can set off loss from house property with income from salary up to the limit of Rs. 2 lakhs as prescribed by the Income tax Act.