We often hear the term Board of Advisors/Advisory Board being used with reference to organizations. While it is easy to derive the nature of their role from the name itself, it is important that we understand how to build a board.
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 September, 2016.
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 Disclosure Standard.
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.
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. In the case of conflict between […]
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.
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.
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 intended use. Any trade discounts and rebates shall be deducted in arriving at the actual cost.
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.
Buy-back is one of the important provisions in the Companies Act, 2013 (the Act) which enables a company to purchase its own shares or other specified securities with inherent benefits to the company and its shareholders. A program of buy-back is resorted to by a company to enable it to
