Understand the intricacies of IND AS 115, the accounting standard for revenue recognition. Explore the five-step model, criteria for contract identification, performance obligations, transaction pricing, and more. Learn how this standard enhances transparency in financial statements and impacts revenue recognition practices for entities dealing with contracts with customers
Explore the strategic decision of share buybacks in this comprehensive guide. Understand the reasons, legal framework, methods, and benefits for both companies and shareholders. Learn about compliance, taxation aspects, and technical issues involved in the buyback process.
Form 10BD is a statement required to be furnished by the donee, i.e., the trust, NGO or institution that receives donations under Section 80G of the Income Tax Act, 1961. The purpose of this form is to provide details of the donations received during the financial year and to ensure that the donations received are genuine and eligible for tax benefits.
Learn how to calculate HRA (House Rent Allowance) exemption under the Income Tax Act. Understand the factors like basic salary, actual rent paid, and HRA received. A comprehensive guide for employees to ensure accurate tax planning.
Quick reference guide for SA 710 Comparative Information, Corresponding Figures & Comparative Financial Statements. Learn about scope, objectives, definitions, audit procedures, and reporting requirements. Essential insights for auditors and financial professionals.
Employee stock option plan ESOP is a contractual agreement that offers employees the right, but not the responsibility, to purchase or subscribe to a defined number of firm shares at a fixed price, such as the exercise price. There is no change in the exercise price if once decided even if future market prices increase.
Punjab & Haryana High Court held that amount deposited during the search cannot be retained by the department as this deposit cannot be taken to be voluntary as no proceedings u/s 74(1) of the CGST Act has been initiated.
ITAT Mumbai held that initiation of revisional proceedings u/s 263 of the Income Tax Act unsustainable as AO has carried out enquiry on the issues, however, has failed to discuss the same in the Assessment Order.
Tax officers have been directed that communications to be made/documents to be sent by tax offices to taxpayers and other concerned persons namely search authorization (INS-01) and inspection notices in the course of any enquiry/investigation proceeding shall use RFN.
ITAT Delhi held that payment received in the nature of Business Profit cannot be brought to tax in India in absence of Permanent Establishment in India.
