TaxGuru Newsletter Subscription
Information You Can Rely On.
Income Tax - Temporary differences between carrying amount and tax base of net assets of subsidiaries, branch or associate consolidated in consolidated financials may lead to recognition of deferred tax. This presentation explains the recognition of deferred tax in cases where the temporary difference may be different from the temporary difference ass...
Read MoreIncome Tax - Ind AS the new set of accounting standards was notified by the Ministry of Corporate Affairs (MCA) on February 19, 2015. As of date, there are 39 Ind AS notified by the MCA. The Ind AS are named and numbered in the same way as the corresponding IFRS. The application of Ind AS is based on the listing status and net worth of a company....
Read MoreIncome Tax - When any entity enters into any transaction in foreign currency, it is exposed to exchange fluctuation risk on such transaction unless the same is hedged by the entity through hedging techniques like Forward Contracts, Currency Invoicing etc. ...
Read MoreIncome Tax - The objective of Accounting Standard (AS) 10 Property, Plant and Equipment is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment....
Read MoreIncome Tax - Now, it is very imperative to ascertain the treatment of transitional provisions as well the treatment of future purchases of such spare parts under Income Tax Act. The Income Tax Act does not provide for any particular definition of capital asset or fixed asset...
Read MoreIncome Tax - Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15 „Ind AS Transition Facilitation Group‟ (ITFG) of Ind AS Implementation Group has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Stan...
Read MoreIncome Tax - Ind AS Implementation Group has come out with Educational Material on Ind AS 103, Business Combinations which by way of Frequently Asked Questions (FAQs) explains the principles enunciated in the Standard. This publication will provide significant guidance to the stakeholders in how to account for the Business Combinations and its disclo...
Read MoreIncome Tax - An important development in Ind AS Framework i.e. a new Ind AS in the area Revenue recognition has been notified by Ministry of Corporate Affairs which was formulated based on recommendation made by The Institute of Chartered Accountants of India....
Read MoreIncome Tax - As per Ind AS 23, Borrowing Costs, an entity shall capitalize borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. An entity shall recognize other borrowing costs as an expense in the period in which it incurs them....
Read MoreIncome Tax - Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, have been applicable to the specified class of companies in phased manner. For other class of companies, i.e., primarily the unlisted entities having net worth less than Rs. 250 crores, ...
Read MoreITO Vs. Shri Vivek Ramrao Parashkar (ITAT Mumbai) - As per AS-7 when the cost of contract is likely to be exceed the contract revenue then the loss incurred on the contract should be recognized as revenue expenditure immediately....
Read MorePrincipal CIT (Central) Vs M/s A2Z Maintenanc & Engineering Services Ltd, (Delhi High Court) - his Court in Paras Buildtech India Pvt. Ltd. v. Commissioner of Income Tax (2016) 382 ITR 630 (Del) had noted that this method is a known and recognised method of accounting, and was approved as a proper one. The Court had also relied on CIT v. Bilahari Investment Pvt. Ltd. (2008) 299 ITR 1 (SC)....
Read MoreACIT Vs M/s J. K. Synthetics Ltd. (ITAT Lucknow) - ITAT Lucknow held In the case of ACIT vs. M/s J. K. Synthetics Ltd. that CIT (A) correctly observed that there are many judgments in which, it was held that if there is change in the method of valuation of closing stock due to mandatory requirement and that change has been consistently followed by t...
Read MoreITO Vs M/s Tirupati Enterprises (ITAT Ahmedabad) - ITAT Ahmedabad held in case of ITO vs. M/s Tirupati Enterprises held that the revenue has to be recognized only at the time when substantial risk and reward are transferred to the buyer by the seller. Since the construction was incomplete, the property was not ready for sale. ...
Read MoreIncome Tax Officer Vs M/s. Meeti Investment and Consultancy P. Ltd. (ITAT Ahemdabad) - Brief facts of the case are that assessee is engaged in the business of sale/purchase of TDR, income by way of stallage and construction activity. During the assessment proceedings AO found that assessee had received advanced booking amount on account of the construction activity...
Read MorePress Release : 2017-2018/2642 - (05/04/2018) - Scheduled Commercial Banks (SCBs), excluding Regional Rural Banks (RRBs), were required to implement Indian Accounting Standards (Ind AS) from April 1, 2018 vide our Circular dated February 11, 2016....
Read MoreS.O. 1965(E). - (02/04/2018) - Vide Notification number S.O. 529(E), dated the 5th February, 2018 it was specified that provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years to certain Government companies with effect from th...
Read MoreCircular Number 24/2017-Income Tax - (25/07/2017) - Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies....
Read MoreNA - (25/07/2017) - CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies....
Read MoreNotification No. RBI/2016-17/281 DBR.BP.BC.No.61/21.04.018/2016-17 - (18/04/2017) - It has been observed that banks have been recognizing gains in profit & loss account from Foreign Currency Translation Reserve (FCTR) on repatriation of accumulated profits / retained earnings from overseas branch(es) by treating the same as partial disposal under AS 11....
Read More
Press Release : 2017-2018/2642 - (05/04/2018) -
S.O. 1965(E). - (02/04/2018) -
