"01 October 2016" Archive

Extension of time limit under Settlement Act,2016 & clarification on certain issues

Trade Circular No. 31T of 2016 (01/10/2016)

Now, the Maharashtra Ordinance No. XXIV of 2016 is promulgated on 30th September 2016. Thus for the purposes of Settlement Act time limit is extended from 30th September 2016 to 15th November 2016. All the stakeholders are requested to take note of it....

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MVAT- Extension of due date for filling of refund application for year 2014-15

Trade Circular No. 30T of 2016 (01/10/2016)

Considering the difficulties faced by the trade, the due date for submission of refund application in Form e-501 for the year 2014-15 has been extended by 7 days and now the dealer can upload the refund application upto 08.10.2016....

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Income Declaration Scheme 2016 unearths Rs. 65250 Crore

The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provided an opportunity to persons who had not paid full taxes in the past to come forward and declare their domestic undisclosed income and assets. Declarations could be made online as well in printed copies of the prescribed form up to midnight on 30th Septembe...

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ICDS X- Provisions, Contingent Liabilities & Assets wef A.Y. 2017-18

1. This Income Computation and Disclosure Standard deals with provisions, contingent liabilities and contingent assets, except those: (a) resulting from financial instruments; (b) resulting from executory contracts; (c) arising in insurance business from contracts with policyholders; and (d) covered by another Income Computation and Discl...

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ICDS IX Borrowing Costs wef A.Y. 2017-18

1. (1) This Income Computation and Disclosure Standard deals with treatment of borrowing costs. (2) This Income Computation and Disclosure Standard does not deal with the actual or imputed cost of owners’ equity and preference share capital....

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ICDS VIII Securities Preamble wef A.Y. 2017-18

Income Computation and Disclosure Standard VIII relating to securities Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of account. I...

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ICDS VII Government Grants wef A.Y. 2017-18

This Income Computation and Disclosure Standard deals with the treatment of Government grants. The Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, waiver, concessions, reimbursements, etc....

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ICDS VI Effects of changes in foreign exchange rates wef A.Y. 2017-18

1. This Income Computation and Disclosure Standard deals with: (a) treatment of transactions in foreign currencies; (b) translating the financial statements of foreign operations; (c) treatment of foreign currency transactions in the nature of forward exchange contracts....

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ICDS V Tangible Fixed Assets wef A.Y. 2017-18

1. This Income Computation and Disclosure Standard deals with the treatment of tangible fixed assets. The actual cost of an acquired tangible fixed asset shall comprise its purchase price, import duties and other taxes, excluding those subsequently recoverable, and any directly attributable expenditure on making the asset ready for its in...

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ICDS IV Revenue Recognition wef A.Y. 2017-18

1(1) This Income Computation and Disclosure Standard deals with the bases for recognition of revenue arising in the course of the ordinary activities of a person from (i) the sale of goods;(ii) the rendering of services;(iii) the use by others of the person’s resources yielding interest, royalties or dividends....

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