aragraph 10 of AS 19 Leases requires the lease classification to be made at the inception of the lease., It further states that ,…If at any time the lessee and the lessor agree to change the provisions of the lease, other than by renewing the lease, in a manner that would have resulted in a different classification of the lease … the revised agreement is considered as a new agreement over its revised term. Changes in estimates (for example, changes in estimates of the economic life or of the residual value of the leased asset) or changes in circumstances (for example, default by the lessee), however, do not give rise to a new classification of a lease for accounting purposes.,
Market regulator Sebi today imposed a penalty of Rs 14 crore on Dushyant Natwarlal Dalal and Puloma Dushyant Dalal , the two financiers for unlawful gains made during the infamous IPO scam of 2003-05. The two had been accused of making unlawful gains of over 4.94 crore by cornering shares of various companies meant for retail individual investors and the penalty is three times of the amount.
There is a legal framework regulated by the Reserve Bank of India for the opening of bank accounts overseas by Indian residents and for outward or inward remission of funds through authorized channels. The existing legal framework for dealing with illicitly generated funds transferred overseas and measures for the attachment and repatriation of such illegal assets to India and provision for penalties for offenders are:
The Income Tax department today said there is no great ambiguity in international tax laws and the Government wants to have more transparency in deals. There are issues…debatable issues, but there is no great ambiguity in international tax laws, Director General of Income Tax, International Taxation, R N Dash, said on the sidelines of a CII event here.
The Department of Posts (DoP) has launched the mobile-based money transfer service by Post Offices for quicker transfer of money from one city to another. Launching the service, the Union Minister of State for Communications, Information Technology and Home, Mr Gurudas Kamat, said the aim of launching this service was to help those who were unable to avail banking services. The service will be operated by DoP with technological support from BSNL.
XBRL – A New Financial Reporting Language -Businesses are adapting to an operating environment which increasingly focuses on improved corporate governance and better risk management. In response to changing expectations of stakeholders towards transparency and good governance, a technology led new information management environment is continuously emerging. New standards of financial reporting like Extensible Business Reporting Language (XBRL) a language for the electronic communication of business and financial data is revolutionizing business reporting around the world.
The Ministry of Consumer Affairs, Food & Public Distribution will soon convene a meeting to discuss the issue of misleading advertisements with various service sector ministries and related agencies. Expressing concern over such advertisements for various consumer products and services, the Minister for Consumer Affairs, Food & Public Distribution, Prof. K V Thomas has said that a committee of experts will be set to suggest measures to deal with misleading advertisement effectively.
CORRIGENDUM NO. 5/2010 [F.NO.142/13/2010-SO(TPL)], DATED 30-9-2010- In partial modification of Circular No. 5 of 2010, dated June 3, 2010, (i) in para 37.5 (page 333) of the said Circular, for the lines- The above amendment has been made applicable with effect from 1st April, 2009 and will accordingly apply in respect of assessment year 2009-10 and subsequent years.
Notification No. 33/2011 – Income Tax Section 10(23AAA) Of The Income-Tax Act, 1961 – Exemptions – Income Received By Any Person On Behalf Of Fund Established For Welfare Of Employees Or Their Dependents – Notified Purposes/Conditions For Establishment Of Fund – Amendment In Notification No.S.O.672(E), Dated 27-7-1995
AS 16 Borrowing costs defines a ‘qualifying asset’ as an ‘asset that necessarily takes a substantial period of time to get ready for its intended use or sale.’ It also clarifies that ordinarily, a period of twelve months is considered as a substantial period of time unless a shorter or longer period can be justified on the basis of facts and circumstances of the case. In this case, the manufacture of each aircraft involves a normal time period of 24 to 30 months. Therefore, the aircraft is a qualifying asset under AS 16.
