In this article I want to introduce tax planning hints for taxpayers having housing loans and what are additional benefits available to taxpayers for claiming interest on housing loan under section 80EE and 80EEA
As per Ind AS, all forwards contracts in foreign currency needs to be marked to market at exchange rate as on the day of closing of financial period. However taxability of MTM ( Marked to Market ) losses is governed by ICDS & Income Tax Act. Assessee needs to make adjustments in Computation of Income to disallow unrealized MTM losses for the financial period considered in Profit and Loss Account.
Introduction to Exposure Draft Ind AS 116 Sets out principles for the recognition, measurement, presentation and disclosure of leases Objective to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions Proposed to be effective from 1st April 2019 Supersedes Ind AS 17 Major Changes Lessee Accounting Introduces Single […]
Introduction Act provides for facilitating the promotion and development as well as enhancing the competitiveness of Micro, Small and Medium enterprises. Categorization of Micro, Small and Medium Enterprises As per Act, The categorization of Micro, Small and Medium is based on investment in Plant and Machinery as below Category of Enterprise Manufacturing Enterprise Service Enterprise […]
Understand IND AS 115 – Revenue from Contracts with Customers. Learn about the key principles, improved comparability, and enhanced disclosures.
Below Procedure to take Foreign Tax credit (FTC) in India is Governed by Rule 128 of Income Tax Rules and Applicable form 01.04.2017. a. A resident assessee will be eligible to claim FTC if any tax has been paid by him in a country or specified territory outside India. b. Grant of FTC shall be […]
CBDT directed that that except for search related assessments, proceedings in other pending scrutiny assessment cases shall be conducted only through the `E-Proceeding’ functionality. However, in cases where the concerned assessee objects to conduct of assessment proceedings electronically through the ‘E-Proceeding’ facility, such cases, for the time-being, may be kept on hold.
Financials for FY 2016-17 will be prepared as per IND AS and the presentation will be done as per Division II of Schedule III as per Companies Act 013. The computation of book profit under MAT depends on accounting profit. The financial have become complex due to initial impact of IND AS and recurring impact due to adoption of IND AS
MCA notified amendments to existing Schedule III by way of notification on 6th April 2016. Revised Schedule III is divided into DIVISION I and DIVISION II. The purpose of notification was to prescribe new format of P&L and Balance Sheet for IND AS Compliant Companies.
he standard prescribes the basis for preparation and presentation of FS to ensure comparability. A complete set of FS include Balance Sheet, Income Statement, SOCE, CFS & Notes to accounts. Assets and Liabilities are classified as current and non-current. As per the standard, some items are routed through OCI e.g. changes in revaluation surplus. Going concern, accrual basis of accounting and consistency are the fundamental accounting assumptions. Unless permitted by Ind AS an entity shall not offset assets and liabilities or income and expenses. Minimum requirements for structure and content of FS are stated in the standard. Requires explicit statement in FS of compliance with all Ind ASs.Inappropriate accounting policies are not rectified by disclosure in notes.
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