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Finance

Other Comprehensive Income with regard to IndAS 16

Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other Ind ASs....

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TAKE or PAY long term commodities contracts- Ind-As/ IFRS

There would be many instances where a long term commodity purchase or sale agreement are being entered between the parties where there is a quantity to be delivered which is mentioned in the contract and it gives certain flexibility to avoid (if required) taking agreed quantity by paying cash (adjustment of movement in commodity values to...

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Convergence to IFRS (Ind AS) – Indian Insurance scene

Insurers are supposed to adopt (Ind AS) as per above timelines though they would have been sending proforma (Ind AS) financial standards to IRDA from the quarter ended December 31, 2016 onwards. ...

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Follow these four rules to get rich!

When young be a youngster, when old be mature.-Don't let the opinions of the average man sway you. Dream and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand. By Robert Allen...

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De-recognition of Financial Liabilities – IND-AS/ IFRS

As we are gradually moving towards converged IFRS (known as IND-AS in India) in India, there are some rules which have been prescribed by the new accounting standard related to de-recognition of financial liabilities subject to the fulfill of certain requirements....

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Retail inflation in Delhi, J&K more than double national average

The retail inflation may have been hovering at quite a reasonable level of 3.17 per cent for January, 2017 on an all-India basis, but there is no respite for people right in Delhi along with a couple of other states, suffering the price rise at double the national average, with demonetization leaving its possible impact, ...

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RRT should be significantly linked to fiscal & governance efforts

The Economic Survey 2016-17, which was presented today in parliament by the Finance Minister Shri.Arun Jaitly, examines whether the effects associated with the aid curse and the “natural resources curse” internationally are discernible in the context of the Indian States. ...

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Shares of Railway PSEs – IRCTC, IRFC and IRCON to be listed

Shri Arun Jaitley has said that the shares of Railway Public Sector Enterprises (PSEs) like IRCTC, IRFC and IRCON will be listed in stock exchanges. The Government will encourage strengthening the CPSEs through consolidation, mergers and acquisitions and soon create an integrated public sector ‘oil major’, he added....

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Affordable Housing will be given Infrastructure Status

General Budget 2017-18 in Parliament today said that affordable housing will now be given infrastructure status, which will enable these projects to avail the associated benefits....

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NHB to refinance Rs 20000 crore housing loans in 2017-18

In order to facilitate higher investment in affordable housing, the Finance Minister in his budget speech proposed that affordable housing will now be given infrastructure status, which will enable these projects to avail the associated benefits....

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CAG can audit Pvt. Companies if Govt Revenue is in question

Association of Unified Telecom Service Providers of India Versus Union of India & Others (Delhi High Court) - The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Union of India & Others on the powers of CAG to audit the revenues of Private Telecom Companies flowing to the Consolidated Fund of India...

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Publishing loan defaulter’s photos in newspapers is illegal

Ujjal Kumar Das & Anr. Vs State Bank of India & Ors. (Calcutta High Court) - Whether or not a secured creditor, which has initiated action for enforcement of its security interest in terms of the provisions of the Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002...

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SAT held Ranbaxy Director Guilty of insider trading

V.K. Kaul Vs Adjudicating Officer, Securities & Exchange Board of India (Securities Appelate Tribunals Mumbai) - It is highly improbable to believe the statement of Mrs. Bala Kaul that she bought shares of the target company because of its intrinsic value and strong fundamentals. If that was so, it is not clear, what made her sell these shares on April 10, 2008, when Solrex was still in the process of investin...

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Stamp Papers valid even after six month of Purchase

The Indian Stamp Act, 1899, nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp paper for which he has no immediate use (which is not spoiled or rendered unfit or useless), can seek refund of the value thereof by surrendering such ...

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Courts should not interfere in policy matters of State unless policy violates mandate of Constitution

Division Benches of this Court in Bhagwat Dayal Sharma Vs. UOI ILR (1974) Del 847 and Peoples Union for Democratic Rights Vs. Ministry of Home Affairs ILR (1987) Del 235 have held that where the power to do or not to do a thing is optional and discretionary and there is no statutory obligation, dire...

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Decision for farmers benefit and to promote digital payments

Following the cancellation of legal tender character of old Rs. 500 and Rs.1000 notes, a number of measures have been announced by the Union Government, taking into consideration the requirements of various sections of society. ...

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MVAT- Settlement Act, 2016-Extension of time limit to 30.11.2016

Maharashtra Ordinance No. XXVII Of 016. - (17/11/2016) - It has become necessary to give more time to dealers to amicably settle the disputes relating to payment and to facilitate compliance under the said Act, it is proposed to extend the said date upto 30th November 2016....

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Interest rates on Small Savings Schemes for Oct,16 to -Dec,16

F.No. 1/04/2016-NS.II - (29/09/2016) - On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly. the rates of interest on various small savings schemes for the third quarter of financial year 2016-17 starting on 1st October, 2016 and ending on 31st Decemb...

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Special Deposit Scheme to get interest of 8.10% for Q2 of 2016-17

F. No. 5(4)-B(PD)/2016 - (30/06/2016) - It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75, dated 30th June, 1975, shall with effect from 1st July, ...

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Main features of revised Sukanya Samriddhi Account Scheme

SB Order No. 03/2016 - (08/04/2016) - (i) Sukanya Samriddhi Account can be opened by:- (a) The natural or legal guardian in the name of a girl child who has not attained the age of ten years on the date of opening of the Account and in the name of girl child who has born on or after 2.12.2003. the Account may be opened till one year fro...

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Recent Posts in "Finance"

Other Comprehensive Income with regard to IndAS 16

Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other Ind ASs....

Read More
Posted Under: Finance |

TAKE or PAY long term commodities contracts- Ind-As/ IFRS

There would be many instances where a long term commodity purchase or sale agreement are being entered between the parties where there is a quantity to be delivered which is mentioned in the contract and it gives certain flexibility to avoid (if required) taking agreed quantity by paying cash (adjustment of movement in commodity values to...

Read More
Posted Under: Finance |

Convergence to IFRS (Ind AS) – Indian Insurance scene

Insurers are supposed to adopt (Ind AS) as per above timelines though they would have been sending proforma (Ind AS) financial standards to IRDA from the quarter ended December 31, 2016 onwards. ...

Read More
Posted Under: Finance |

Follow these four rules to get rich!

When young be a youngster, when old be mature.-Don't let the opinions of the average man sway you. Dream and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand. By Robert Allen...

Read More
Posted Under: Finance |

De-recognition of Financial Liabilities – IND-AS/ IFRS

As we are gradually moving towards converged IFRS (known as IND-AS in India) in India, there are some rules which have been prescribed by the new accounting standard related to de-recognition of financial liabilities subject to the fulfill of certain requirements....

Read More
Posted Under: Finance |

Proposed Buy back of Shares by TCS- An Accounting perspective-Ind –As/ IFRS

CA Anuj Agrawal We all got to hear by now that some major companies in India including Tata Consultancy Services (TCS) are planning to buy back its shares in order to improve efficiencies into its earning per share. We will not discuss about the reasons and shortcoming of Buyback schemes which are normally being done […]...

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Posted Under: Finance |

Retail inflation in Delhi, J&K more than double national average

The retail inflation may have been hovering at quite a reasonable level of 3.17 per cent for January, 2017 on an all-India basis, but there is no respite for people right in Delhi along with a couple of other states, suffering the price rise at double the national average, with demonetization leaving its possible impact, ...

Read More
Posted Under: Finance |

“Commitment fees” AND “Processing fees” on Loans – Ind-As / IFRS

In general terms one can understand that a Commitment fees is being charged for some approved facility which can be drawn down in future at the same terms which has been agreed initially between lender and borrower. ...

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Posted Under: Finance |

Share Application money pending allotment – Ind-As/ IFRS

It is quite common where an entity provides some amounts as Share Application Money for the sake of allotment of such shares in future. The amount in substance will be advance given for such investment and the entity is waiting for the same to be converted into an Equity in future....

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Posted Under: Finance | ,

Write-offs (Banks)- IND-AS/ IFRS

While Indian Banks will converge towards Ind-AS (IFRS) with effect from 1 April 2018 onwards, Some of them already started taking action to make their books in line with the requirements of Ind-AS....

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Posted Under: Finance |
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