Ind AS 116, Leases, is applicable for annual reporting periods beginning on or after April 1, 2019. Entity X has applied Ind AS 116 using modified retrospective approach, under which the cumulative effect of initial application is recognised in retained earnings as on April 1, 2019.
Central Board of Indirect Taxes and Customs has launched a revamped and streamlined programme to attract investments into India and strengthen Make in India through manufacture and other operations under bond scheme, under Customs Act, 1962. Section 65 of the Customs Act, 1962 enables conduct of manufacture and other operations in a customs bonded warehouse.
Vision is aspirational but it is important to define the desired outcomes. The next logical step is to specify the physical action points that would result in the desired outcome. A structure for the Vision 2020 is being proposed, which also includes a format specifying the milestones over the next few years, to achieve these […]
Discover the updated income tax rates for AY 2020-21 / FY 2019-20 for different categories of taxpayers and sources of income.
The IBC Code has been hailed as one of the most important economic legislation in recent times, having reformed the much-needed exit mechanism for corporates, to start with, and having addressed an important aspect of ease of doing business in the country.
To summarise, while the Code is purely a legislation that codifies the run of the rule of law governing insolvency and bankruptcy proceedings in relation to companies (insolvency of individuals is yet to be brought under the ambit of this law), its sheer operation in the ecosystem has led to various consequences on behaviour of parties involved and persons affected by it.
One of the most significant changes observed on implementation of the Code is the behavioural change in the stakeholders involved in the resolution process.
Tariff Notification No. 75/2019-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 75/2019-CUSTOMS (N.T.) New Delhi, 15th October, 2019 23 Asvina, 1941 (SAKA) S.O. […]
SEBI Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT)/Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under
The learned CIT(A) noticed that the assessee has not filed detail of expenses before the Assessing Officer, still he restricted the disallowance for other expenses to 10% of the total expenses without any justification and only on the basis of the magnitude of the disallowance. The learned CIT(A) should have examined the books of accounts along with bills and vouchers to decide the issue of disallowance of other expenses and depreciation.
