Income Tax : CBDT directed that that except for search related assessments, proceedings in other pending scrutiny assessment cases shall be con...
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 p...
Company Law : MCA notified amendments to existing Schedule III by way of notification on 6th April 2016. Revised Schedule III is divided into DI...
CA, CS, CMA : he standard prescribes the basis for preparation and presentation of FS to ensure comparability. A complete set of FS include Bala...
Income Tax : CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS) which is to...
New Companies Act enacted with stricter compliance for related party transactions. The intention of the legislature in having stricter compliance to refrain the corporate world from fraudulent transactions under the cover of sister concerns. With newly enacted provisions the transactions with the related parties will be more transparent and more informed to the shareholders of the company. Let us understand the provisions of related parties in detail.
Presently Corporate Social Responsibility (CSR) expenditure is at the discretion of the corporates however after enactment of Section 135 of Companies Act 2013 such expenditure is made mandatory for certain corporates.
Indian Accounting Standards, (abbreviated as Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards (IFRS). These accounting standards are formulated by Accounting Standards Board of Institute of Chartered Accountants of India.
Sec. 145 (2) of Income tax Act empowers Central Government to issue Accounting Standards for computation of income.Earlier the Ministry of Finance has notified two accounting standards ‘Disclosure of Accounting Policies’ and ‘ Disclosure of Prior Period Items and Extraordinary Items and Changes in Accounting Policies’.
