Ministry of Labour and Employement (Government of India) Salient Features of Employees’ Deposit Linked Insurance (EDLI) Scheme 1976 1. Maximum assured assured benefit up to Rs. 7 lakh paid to nominee or legal heir of EPF member, if death occurs while in service. 2. Minimum assurance benefit of Rs 2.5 lakh, if deceased member was […]
ED transferred attached assets worth Rs 8441.5 Crore to Public Sector Banks who suffered loss due to the bank fraud by Vijay Mallya Nirav Modi and Mehul Choksi 1. Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded Public Sector Banks by siphoning off the funds through their companies which resulted in total loss of […]
Accounting Standard (AS) 28 Impairment of Assets prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset.
Accounting Standard (AS) 22 Accounting for Taxes on Income prescribe accounting treatment for taxes on income. Taxes on income is one of the significant items in the statement of profit and loss of an enterprise. In accordance with the matching concept, taxes on income are accrued in the same period as the revenue and expenses to which they relate.
Accounting Standards (AS) 18 – Related Party Disclosures should be applied in reporting related party relationships and transactions between a reporting enterprise and its related parties. The requirements of this Standard apply to the financial statements of each reporting enterprise as also to consolidated financial statements presented by a holding company.
Accounting Standards AS 16 Borrowing Costs prescribe the accounting treatment for borrowing costs. This Standard should be applied in accounting for borrowing costs. This Standard does not deal with the actual or imputed cost of owners’ equity, including preference share capital not classified as a liability.
Accounting Standards (AS) 14 Accounting for Amalgamations deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves. This Standard is directed principally to companies although some of its requirements also apply to financial statements of other enterprises.
Granting exemption to Graduates and Post Graduates from the recognized Universities from appearing in CSEET and enabling them to take direct admission in CS Executive Programme.
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved anAgreement between the Republic of India and Saint Vincent and The Grenadines for the Exchange of Information and Assistance in Collection with respect to Taxes.
Daya Nand Pushpa Devi Vs ACIT (Allahabad High Court) Any interpretation or meaning given to the word ‘business’ in the literal parlance cannot be read into the Income Tax Act as the word ‘business’ has been defined in the Act itself. The Court has to read the statute namely the Income Tax Act to find […]
