Question
Which of the following correctly states the limits on
Parliament under Article 249 of the Constitution (residuary power to legislate on state subjects in national interest)?Solution
Article 249 empowers Parliament to legislate on matters in the State List when the Rajya Sabha passes a resolution supported by not less than two-thirds of members present and voting, declaring such legislation necessary in the national interest. This provision reflects a constitutional mechanism to address issues transcending state boundaries while preserving federal principles through procedural safeguards. The power is temporary, limited to the duration of the resolution and six months thereafter. Courts have upheld this provision as a valid expression of cooperative federalism, ensuring flexibility without permanently undermining State autonomy.
Which method of depreciation results in equal depreciation expense each year?
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NRV or net realizable value of inventory is the expected selling price or market value less....
Under the Written Down Value (WDV) method, depreciation is:
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There are certain expenses that may be in the nature of revenue but their benefit may not be consumed in the year in which such expenditure has been inc...
A machine costing ₹8,00,000 has a salvage value of ₹80,000 after 10 years. The company follows Straight Line Method (SLM). During the 4th year, it s...
Which accounting standard in India deals with depreciation accounting?