"01 June 2020" Archive

Six key changes in ITR forms for FY 2019-2020 (AY 2020-2021)

The CBDT has notified the Income Tax Returns (ITR Forms i..e. ITR 1 to ITR 7) for the FY 2019-2020 (AY 2020-2021)  vide Notification No. 31/2020-Income Tax Dated- 29/05/2020, which became effective from 30th May, 2020. Glad to see this notified a day before than what the department committed. Six key changes in newly notified […]...

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Posted Under: Income Tax |

TDS on acquisition of immovable property @ 0.75% is ‘almost’ mandatory

In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the, specified payments made to residents, inter alia, for the acquisition of immovable property (194-IA) has been reduced by 25% for the period […]...

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Posted Under: Income Tax |

Interlinkage between Valuation and Transfer Pricing

We see that whenever there is any TP litigation in relation to valuation of assets or shares, following are the issues that are raised by the IRD while evaluating the valuation report:...

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Posted Under: Income Tax |

Post Incorporation Compliance under Companies Act, 2013

In this particular article my effort is to take care and to discuss post incorporation compliance as per Companies Act,2013 to the best of my knowledge and in accordance with the applicable provisions....

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Posted Under: Income Tax |

Related Party Transactions of Unlisted Companies | Companies Act 2013

Background: According to Section 2(76) of the Act, ‘related party’, with reference to a company, means: 1. A director or a key managerial personnel or their relatives; 2. a firm, in which a director, manager or his relative is a partner; 3. a private company in which a director or manager or his relative is […]...

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Posted Under: Income Tax |

Process for LLP (Limited Liability Partnership) Incorporation

What is LLP? LLP is defined under LLP Act -2008 (Limited Liability Partnership Act-2008) which means partnership formed and registered under this Act and is a legal entity separate from that of its partners. In simple words when two or more persons associated for carrying on a lawful business with a view to profit incorporate […]...

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Posted Under: Income Tax |

Section 186- Loan & Investment by Companies

SECTION 186 + Rule 11, 12 and 13 of Companies (Meeting of Boards and its Powers) Rules, 2014 LOAN AND INVESTMENT BY COMPANY 1. Objective:- > To protect the interest of shareholders > To prevent company from unnecessary exploitation of funds of shareholders > To maintain feasible debt equity ratio > To ensure sufficient liquidi...

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Posted Under: Income Tax |

Registration of a Partnership Firm in Tamil Nadu-Step By Step Procedure

Documents required for Registration of a Partnership Firm: ♠ Partnership Deed ♠ Attested photocopies of Address Proof & Id proofs of all Partners ♠ Rental agreement if rented premises ♠ NOC for own premises ♠ Authorisation letter given by partners to authorise a professional ♠ Original Signed Copy of Form-1 (After online r...

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Posted Under: Income Tax |

Non Resident Investing in a Indian Company – FCGPR Compliance

Non Resident Investing in a Indian Company-Compliance under FCGPR – Whether he can use his NRO Account? Present Case: A private limited is incorporated in India. Mr. X who is in US and US citizen has an NRO account in India. He wants to transfer his money from his NRO account to the company for […]...

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Posted Under: Income Tax |

Freedom of expression on internet: Discussion on legal angles in India & USA

It is a sheer coincidence that a few individuals from India were charged for contempt of court for their expression on judiciary in social media while Twitter exercised its right to hid the views of a politician in connection with racial riots all over U.S.A. a scene not seen for a very long time. Yes, […]...

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Posted Under: Income Tax |

Business Responsibility Report (BRR)

BRIEF HISTORY OF BRR IN INDIA: Companies play an integral part in the progress of the Society and this has been tested by time. Companies are not only responsible towards well being of its employees and to the extent of paying dividends to its investors but they also extend their responsibility towards betterment of stakeholders […...

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Posted Under: Income Tax |

‘Gheru Lal Bal Chand’ decision favouring assessee | Analysis | ITC | GST

Gheru Lal Bal Chand vs State Of Haryana And Another (Punjab and Haryana High Court), Civil Writ Petition No.6573 of 2007 Dated-23 September, 2011 Introduction :-The case was based on the certificate by the selling dealer, which can be constructed as GSTR1 return which gives the right to the assessee for the claiming of ITC […]...

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Posted Under: Income Tax |

NCLAT SOP for hearing through virtual mode wef 01.06.2020

Standard Operating Procedure for Ld. Advocate/ Authorised Representative/Party-in-Person for Mentioning the matter for hearing through virtual mode In order to contain the spread of Coronavirus (COVID-19), and after considering the various instructions and advisories relating to coronavirus control and lockdown issued by the Government, H...

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Posted Under: Income Tax | ,

All about filing of ITR-7 for A.Y. 2020-21

In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-7 for AY 2020-21/FY 2019-20 which is generally applicable to persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only. ITR-7 with other ITRs alongwith manner of furnishing R...

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Posted Under: Income Tax |

All about filing of ITR-6 for A.Y. 2020-21

In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-6 for AY 2020-21/FY 2019-20 which is generally applicable to Companies other than companies claiming exemption under section 11. ITR-6with other ITRs alongwith manner of furnishing Return of Income for Assessment Year (AY) 2020-21 /...

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Posted Under: Income Tax |

All about filing of ITR-5 for A.Y. 2020-21

In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-5 for AY 2020-21/FY 2019-20 which is generally applicable to persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7. ITR-5 with other ITRs alongwith manner of furnishing Return of Income for [&...

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Posted Under: Income Tax |

All about filing of ITR-4 (Sugam) for A.Y. 2020-21

In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-4 for AY 2020-21/FY 2019-20 which is generally applicable to  Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under ...

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Posted Under: Income Tax |

All about filing of ITR-3 for A.Y. 2020-21

In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-3 for AY 2020-21/FY 2019-20 which is generally applicable to For individuals and HUFs having income from profits and gains of business or profession. ITR-3 with other ITRs alongwith manner of furnishing Return of Income for Assessme...

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Posted Under: Income Tax |

All about filing of ITR-2 for AY 2020-21

In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-2 for AY 2020-21/FY 2019-20 which is generally applicable to Individuals and HUFs not having income from profits and gains of business or profession. ITR-2 with other ITRs alongwith manner of furnishing Return of Income for Assessme...

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Posted Under: Income Tax |

All about filing of ITR-1 (Sahaj) for AY 2020-21

In this article, I have tried to explain the applicability, eligibility, manner of filing and about obligation to file ITR-1 (Sahaj) for AY 2020-21/FY 2019-20. Earlier Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) forms and manner of furnishing Return of Income for Assessment Year (AY) 2020-21 / Financial y...

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Posted Under: Income Tax |

International Commercial Arbitration- An Overview

Introduction: 1. Arbitration has become exceptionally strong and widely accepted as a means of resolving disputes. ‘ 2. Exactly how widely accepted is probably impossible to know, but some commentators have suggested that a figure as high as 90% of all international contracts are governed by an arbitration clause. 3. Rapid globalization...

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Posted Under: Income Tax |

Amendment in constitution of Quality Review Board of ICSI

Notification No. G.S.R. 339(E) (01/06/2020)

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st June, 2020 G.S.R. 339(E).—In exercise of the powers conferred by section 29A of the Company Secretaries Act, 1980 (56 of 1980), read with sub-rule (1) of rule 8 of the Company Secretaries Procedures of Meetings of Quality Review Board, and Terms and Conditions of Service and ...

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Interested Director under Companies Act 2013

The directors of the company are its agents and they stand in fiduciary relationship with the company and must act bona fide, therefore Companies Act 2013 laid down extensive provisions such as Section 184 to prevent the misuse of rights and powers by the directors....

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Posted Under: Income Tax |

E-Way Bill With Practical Aspects

ELECTRONIC WAY BILL i.e. E-WAY BILL In order to monitor the movements of goods for controlling any tax evasion, e-way bill system has been introduce in GST regime. Under this system wherein any registered person prior to movements of goods via conveyance would inform each transactions details to the tax department. WHAT IS E-WAY BILL? [&h...

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Posted Under: Income Tax |

Offences and Penalties under GST Act in Hindi

अर्जुन: भगवन, सादर प्रणाम! पेनल्टी शब्द से क्या अभिप्राय हैं? कृष्ण: वत्स! एक अस्थायी सजा या धन का योग कानून के अनुसार, सजा के रूप में ...

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Posted Under: Income Tax |

Tax Free Bonds in India

Tax-Free Bonds in India are issued by Government to collect money for long term projects like Construction projects, Railway projects or any other project which government may think of. Government takes the money & gives interest to investors annually. Government allows Retail Investors to invest in Tax- Free Bonds. These bonds give ...

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Posted Under: Income Tax |

ITR New Forms Changes for Financial Year 2019-20

New ITR Forms Changes for Financial year 2019-20 CBDT has issued new ITR form for Financial year 2019-20. There are few additional disclosures which a taxpayer needs to make as compared to last year. Following additional disclosures has been made applicable for Assessment Year 2020-21 in new ITR Forms 1. Deductions Details from 01/04/2020...

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Posted Under: Income Tax |

Due Date Chart Direct & Indirect Tax for June 2020

Article compiles due date of filing of Form GSTR 3B, GSTR 1 ,  GST CMP – 08, GSTR 4, TDS Return and TDS Payment which falls in June 2020. Article explains rate of interest payable for delayed payment of GST. > Goods and Services Tax 1. GSTR 3B – Normal Tax Payer Tax Period Actual […]...

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Posted Under: Income Tax |

Analysis of Mahalaxmi Case in the context of ITC under GST

Introduction:- it is observed by me on the various decision of the HC as well as SC on the account of allowance of the ITC , the decision of M/s. Mahalaxmi Cotton Ginning vs State Of Maharashtra & others, Bombay High court is always referred by the revenue which was in their favor for the […]...

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Posted Under: Income Tax |

SIPs & Investment strategy during market volatility & Plight -Way to deal with it

Getting battle ready for post covid 19 world is the real test of time and could rack one brain to extreme unseen possibilities of life as nothing is going to remain same as earlier. Series of changes will be witnessed including the life style changes, changes in standard of living, changes in government policies, company […]...

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Posted Under: Income Tax |

Model Bye Laws of Cooperative Housing Society in Maharashtra

ALso Read- Manual for Co-operative Housing Societies in Maharashtra MODEL BYE – LAWS OF COOPERATIVE HOUSING SOCIETY , Maharashtra (Tenant Co‐Partnership Housing Society) Year 2014 Subject Index  Particulars bye law no  I.PRELIMINARY  a.  The Name of the Society bye Law no 1. a  c. The Society is classification bye Law no 1. c  a...

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Posted Under: Income Tax |

Corporate Compliance Calendar for the Month of June, 2020

 A. Compliance Requirement under GST, 2017 Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the due date for Filing GST Returns. G...

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Posted Under: Income Tax |

AGM through Electronic means amid Covid 19 Pandemic

Annual General Meeting (AGM) through Electronic means amid Covid 19 Pandemic Brief Background The Covid 19 pandemic and its harmful impact has resulted in various authorities bringing unprecedented changes to the existing Laws and regulation to cope with the pandemic and it’s after effects.  Duly considering the Social distancing norms...

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Posted Under: Income Tax |

Due Dates for Compliance Calendar – June 2020

DUE DATES FOR COMPLIANCES – JUNE 2020  Article compiles due dates which are falling in the Moth of January 2020 and relevant form which needs to be filed  for Statutory or Tax Compliance under Various laws related to Income Tax, GST, Provident Fund, ESI and Equalisation Levy. Event Date Act Applicable Form Obligation 04/06/2020 Go...

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Posted Under: Income Tax |

Stakeholder Relationship Committee

Stakeholder Relationship Committee (Committee) is the Committee of the Board of Directors. The main objective of this Committee is to resolve the grievances of security holders of the company. For listed companies the rights of stakeholders play a very important role in the Corporate Governance of the Company. The listed entity shall cons...

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Posted Under: Income Tax |

Recent amendment of Employee Provident Fund

What is Employee Provident Fund and the latest amendment. Employees’ Provident Fund or EPF is a popular savings scheme that has been introduced by the EPFO under the supervision of the Government of India. This is focused mainly on the salaried class of India to inbuilt their habit of saving money to build a substantial retirement co...

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Posted Under: Income Tax |

Govt notifies revised criteria for classification of MSME

S.O. 1702(E) (01/06/2020)

Govt notifies revised criteria for classification of classification of micro, small and medium enterprises (MSME) with effect from 01.07.2020. Also Read PIB Press Release- Govt further revises ceiling limits for MSME Definition New Definitions  of MSME with effect from 01.07.2020) Micro enterprises where the investment in Plant and Machi...

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Taxation of Cash Transactions under Income Tax Act, 1961

Cash transactions seldom leave any trail and has always been a facilitator of black money. Whereas, electronic transactions ensure a clear money trail and make it very difficult for tax evaders. Government, in this regard, has from time to time bought in various provisions in order to restrict/discourage cash transactions and incentivise...

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Posted Under: Income Tax |

Govt further revises ceiling limits for MSME Definition

Release ID: 1628344 (01/06/2020)

Govt of India decided for further upward revision of the ceiling limits for the Medium Enterprises in the MSME Definition. This will help in attracting Investments & creating more jobs in the MSME sectors & encourage Medium Enterprises to invest even more. Read Notification – Govt notifies revised criteria for classification...

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A.Y. 2020-21 ITR Forms: Eligibility Criteria & Changes

On 29.05.2020, the Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) forms and manner of furnishing Return of Income for Assessment Year (A.Y.) 2020-21 i.e. FInancial year (F.Y.) 2019-20. In exercise of the powers conferred by Section 139 read with Section 295 of the Income-tax Act, 1961, the CBDT amended [&hel...

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Posted Under: Income Tax | ,

2 Lakh MT of pulses import from Mozambique allowed for fiscal year 2020-21

Trade Notice No.13/2020-21-DGFT (01/06/2020)

2, 00,000 MT of pulses to be imported from Mozambique, during the fiscal year 2020-21 is allowed for import, subject to the following conditions:...

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DGFT amends MEIS Schedule to harmonize it with ITC HS 2017 & Tariff Schedule

Public Notice No. 09/2015-2020-DGFT (01/06/2020)

Certain corrections have been done in the MEIS Schedule to align/harmonize it with the ITC HS 2017 and the Tariff Schedule of Customs....

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Validity & Last date of Application of MEIS/SEIS scrips increased

Public Notice No. 08/2015-2020-DGFT (01/06/2020)

Relaxation has been provided from applicable late cuts for SEIS/MEIS applications and the validity of scrips issued under Chapter 3 of FTP which are expiring between 01.03.2020 to 30.06.2020 has been extended upto 30.09.2020....

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Amendment in Export Policy of Alcohol based Hand Sanitizers

Notification No. 08/2015-2020-DGFT [S.O.1698 (E)] (01/06/2020)

Alcohol based Hand Sanitisers exported in containers with the Dispenser Pump, falling under any ITCHS Code including the HS Codes mentioned above, are prohibited for export. Alcohol based Hand Sanitisers exported in any other form/packaging are free for exports, with immediate effect....

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Working Group report on Social Stock Exchange

Press Release No. 31/2020 (01/06/2020)

Social Stock Exchange is a novel concept in India. The working group had a series of consultation with various stakeholders including voluntary organizations, social enterprises and philanthropic organizations in order to assess the difficulties faced by them in raising funds/ donating funds....

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24×7 Customs clearance at all Customs formations till 30.06.2020

Instruction No. 08/2020-Customs (01/06/2020)

CBIC has decided to extend the facility of 24x7 Customs clearance at all the Customs formations till 30th June, 2020. However, designated Sea Ports/Air ports already under 24x7 operations shall continue to function even after 30th June. 2020....

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Indian Accounting Standard (Ind AS) 115

Indian Accounting Standard (Ind AS) 115 Revenue from Contracts with Customers# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to establish the principles that an entity sha...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 114

Indian Accounting Standard (Ind AS) 114 Regulatory Deferral Accounts# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to specify the financial reporting requirements for reg...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 113

Indian Accounting Standard (Ind AS) 113 Fair Value Measurement# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 This Ind AS: (a) defines fair value; (b) sets out in a single Ind AS a framework for measuring ...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 112

Indian Accounting Standard (Ind AS) 112 Disclosure of Interests in Other Entities# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to require an e...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 111

Indian Accounting Standard (Ind AS) 111 Joint Arrangements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles for financial ...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 110

Indian Accounting Standard (Ind AS) 110 Consolidated Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 109

Indian Accounting Standard (Ind AS) 109 Financial Instruments# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Chapter 1 Objective 1.1 The objective of this Standard is to establish principles for the financial reporting...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 108

Indian Accounting Standard (Ind AS) 108 Operating Segments# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles. ) Core principle 1 An entity shall disclose information to enable users of its financial statements to evaluate ...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 107

Indian Accounting Standard (Ind AS) 107 Financial Instruments: Disclosures# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to require entities to...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 106

Indian Accounting Standard (Ind AS) 106 Exploration for and Evaluation of Mineral Resources# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to sp...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 105

Indian Accounting Standard (Ind AS) 105 Non-current Assets Held for Sale and Discontinued Operations# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS)...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 104

Indian Accounting Standard (Ind AS) 104 Insurance Contracts’ (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to specify the financial report...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 103

Indian Accounting Standard (Ind AS) 103 Business Combinations# (This Indian Accounting Standard includes paragraphs set out in bold type and plain type which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to improve the relevance, reliab...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 102

Indian Accounting Standard (Ind AS) 102 Share-based Payment# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to specify the financial reporting by an entity when it undertak...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 101

Indian Accounting Standard (Ind AS) 101 First-time Adoption of Indian Accounting Standards# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Ind AS is to ensure that an entity’s fi...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 41

Indian Accounting Standard (Ind AS) 41 Agriculture# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the accounting treatment and disclosures related to agricultura...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 40

Indian Accounting Standard (Ind AS) 40 Investment Property# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1  The objective of this Standard is to prescribe the accounting treatment for investment property a...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 38

Indian Accounting Standard (Ind AS) 38 Intangible Asset, (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the accounting treatment for intangible assets that are...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 37

Indian Accounting Standard (Ind AS) 37 Provisions, Contingent Liabilities and Contingent Assets (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to ensure that appropriate reco...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 36

Indian Accounting Standard (Ind AS) 36 Impairment of Assets# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the procedures that an entity applies to ensure th...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 34

Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the minimum content of an interim financial re...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 33

Indian Accounting Standard (Ind AS) 33 Earnings per Share# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe principles for the determination and presentation of...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 32

Indian Accounting Standard (Ind AS) 32 shall be applied to those contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be he...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 29

Indian Accounting Standard (Ind AS) 29 Financial Reporting in Hyperinflationary Economies# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Scope 1. This Standard shall be applied to the financial statements, including t...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 28

Indian Accounting Standard (Ind AS) 28 Investments in Associates and Joint Ventures# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting for investm...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 27

Indian Accounting Standard (Ind AS) 27 Separate Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting and disclosure requirement...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 24

Indian Accounting Standard (Ind AS) 24 Related Party Disclosures# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.). Objective 1 The objective of this Standard is to ensure that an entity’s financial statements cont...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 23

Indian Accounting Standard (Ind AS) 23 Borrowing Costs# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Core principle 1 Borrowing costs that are directly attributable to the acquisition, construction or production of a...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 21

Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 An entity may carry on foreign activities in two ways. It may have tra...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 20

Indian Accounting Standard (Ind AS) 20 Accounting for Government Grants and Disclosure of Government Assistance# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Scope 1 This Standard shall be applied in accounting for, ...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 19

Indian Accounting Standard (Ind AS) 19 Employee Benefits# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. T...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 17

Indian Accounting Standard (Ind AS) 17 Lease# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and ...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 16

Indian Accounting Standard (Ind AS) 16 Property, Plant and Equipment# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting treatment for property, pl...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 12

Indian Accounting Standard (Ind AS) 12 Income Taxes# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issu...

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Posted Under: Income Tax |

TDS Rate Chart for Financial Year 2020-21

Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05.2020 and on the date of Publication of this post no notification in this regard is been notified by the CBDT. Press release can be accessed at […]...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 10

Indian Accounting Standard (Ind AS) 10 Events after the Reporting Period# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe: (a) When an entity should adjust its ...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 8

Indian Accounting Standard (Ind AS) 8 Accounting Policies, Changes in Accounting Estimates and Errors# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the crit...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 7

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective Information about the cash flows of an entity is useful in providing users of financial statements...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 2

Indian Accounting Standard (Ind AS) 2 Inventories# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the accounting treatment for inventories. A primary is...

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Posted Under: Income Tax |

Indian Accounting Standard (Ind AS) 1

Indian Accounting Standard (Ind AS) 1 Presentation of Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles). Objective 1 This Standard prescribes the basis for presentation of general purpose financial st...

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Posted Under: Income Tax |

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