CA Vivekanand Pote

E-assessment proceedings under Income Tax – Call of digital era

Income Tax - 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 c...

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Treatment of IND AS Adjustments under MAT

Income Tax - 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...

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Comparison of Format of Profit & Loss Account and Balance Sheet of IND AS Compliant & Other Companies

Income Tax - 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....

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IND AS SUMMARY – Generally applicable standards for SFS

Income Tax - 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 s...

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Analysis of ICDS and comparison with AS and IND AS

Income Tax - CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head Profit and gains of business or profession or Income from other sources. The effective dates of such ICD...

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Recent Posts in "CA Vivekanand Pote"

E-assessment proceedings under Income Tax – Call of digital era

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 c...

Read More
Posted Under: Income Tax |

Treatment of IND AS Adjustments under MAT

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...

Read More
Posted Under: Income Tax |

Comparison of Format of Profit & Loss Account and Balance Sheet of IND AS Compliant & Other Companies

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....

Read More
Posted Under: Income Tax | ,

IND AS SUMMARY – Generally applicable standards for SFS

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 s...

Read More
Posted Under: Income Tax |

Analysis of ICDS and comparison with AS and IND AS

CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head Profit and gains of business or profession or Income from other sources. The effective dates of such ICD...

Read More
Posted Under: Income Tax |

Framework for preparation and presentation of financial statements in accordance with IND AS

CA Vivekanand Pote  Purpose Sets out the concepts for preparation and presentation of financial statements in accordance with IND AS Assist in development of future Indian Accounting Standards and review the existing Assist in promoting harmonization of regulations, AS and procedures relating to presentation of IND AS Assist prepares of ...

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Posted Under: Income Tax |

Audit & Auditors related provisions under Companies Act 2013

CA Vivekanand Pote Appointment of Auditors Every company at its first AGM shall appoint auditor (either individual or firm). The auditor shall hold office from the conclusion of that AGM till the conclusion of sixth AGM. And thereafter till the conclusion of every sixth AGM. Proposed auditor shall submit the certificate of eligibility for...

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Posted Under: Income Tax |

Computation of Net Profit for CSR contribution as per Section 198

Table to Compute Net Profit for CSR contribution as per Section 198 of Companies Act, 2013   Particulars FY   Net profit after tax*   Add : Allowed Credits   1 Profit on sale of immovable property ( Original Cost – WDV ) Less : Credits Disallowed   1 Premium on shares or debentures 2 […]...

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Posted Under: Income Tax |

SCHEDULE II – Useful Lives To Compute Depreciation- Updated till 31.08.2014

SCHEDULE II ( With all the amendments till 31.08.2014 ) (See section 123) USEFUL LIVES TO COMPUTE DEPRECIATION PART ‘A’ 1. Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, […]...

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Posted Under: Income Tax |

Accounts related provisions under Companies Act 2013

Books of accounts to be kept by Company ( Section 128 ) -The books of accounts showing true and fair financial statements and relevant papers shall be kept at the registered address of the company. The books shall be kept on accrual basis and according double entry system of accounting. The books of accounts and relevant papers may be kep...

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Posted Under: Income Tax |

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