Income Tax : 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 o...
Finance : Let me start with the example: The Company has sales of $5,00,000/- on 1st April 2020. Spot Rate was Rs. 70/ $ To hedge the exchan...
Income Tax : The word `Subsidy’ is a word of pivotal importance and finds a mention in the American Heritage Dictionary of the English Langua...
Income Tax : TO INCOME TAX Section 145(2), Central Govt. is empowered to notify ICDS for, applicable from A.Y 2017-18 – Class of Per...
Income Tax : 1. ICDS will applicable for computation of income chargeable under the head PGBP or Other Sources. 2. In case of conflict between ...
Income Tax : Technical Guide on Income Computation and Disclosure Standards The Ministry of Finance vide Notification No. 87/2016 dated 29.09.2...
Income Tax : The draft ICDS on Real Estate Transactions along with the significant changes suggested in ICDS vis-à-vis the Guidance Note issue...
Income Tax : This Income Computation and Disclosure Standard shall be applicable for determination of income from all forms of transactions in...
CA, CS, CMA : The Central Government had, vide Notification No.S.O.892(E) dated 31.3.2015, in exercise of the powers conferred by section 145(2)...
Income Tax : 1. This Income Computation and Disclosure Standard deals with provisions, contingent liabilities and contingent assets, except tho...
Income Tax : Read the full text of ITAT Hyderabad's order in Pennar Industries Ltd vs DCIT case for A.Y.2018-19. Unbilled revenue cannot be con...
Income Tax : The notification notifying ICDS is contrary to the settled law since its implementation would nullify the judgements of the Suprem...
Income Tax : Section 145 (2), as amended, has to be read down to restrict power of the Central Government to notify ICDS that do not seek to ov...
Income Tax : Mr Ganesh states that although at this stage he is not pressing for any ad interim directions, the requirement for compliance of t...
Income Tax : After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require ...
Income Tax : CBDT has vide notification No. 87/2016 notifies following income computation and disclosure standards applicable from A.Y. 2017-18...
Income Tax : Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance, Department of Revenue, ...
Income Tax : Notification No. 32/2015 - Income Tax Central Government hereby notifies the income computation and disclosure standards as speci...
Corporate Law : Section 13 of the Special Economic Zones Act, 2005 – Constitution of Approval Committee for such SEZ notified during 2006 to...
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 […]
Notification No. 32/2015 – Income Tax Central Government hereby notifies the income computation and disclosure standards as specified in the Annexure to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head Profit and gains of business or profession or Income from other sources.
Press Information Bureau Government of India Ministry of Finance 09-January-2015 14:02 IST New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015. Sub- section (1) of Section 145 of the Income-tax Act, […]
In order to clarify that the standards notified under section 145(2) of the Act are to be followed for computation of income and disclosure of information by any class of assessees or for any class of income, it is proposed to provide that the Central Government may notify in the Official Gazette from time to time income computation and disclosure standards to be followed by any class of or in respect of any class of income.
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’.
TAS are now meant to be the basis of computation of taxable income by a mere notification. As a result there would be amendments in the law without requiring amendments in the Act. One of the purpose of TAS is to harmonize the accounting standards issued by ICAI with the direct tax laws in India.
Section 145 of the Income-tax Act, 1961 provides that the method of accounting for computation of income under the head ‘Profits and gains of business or profession’ and ‘Income from other sources’ can either be the cash or mercantile system of accounting. The Finance Act, 1995 empowered the Central Government to notify Accounting Standards for any class of assessees or for any class of income.
Section 13 of the Special Economic Zones Act, 2005 – Constitution of Approval Committee for such SEZ notified during 2006 to 2008 without simultaneously notifying constitution of Approval Committee and deemed status of Inland Container Depot for SEZs NOTIFICATION NO. S.O. 3042(E), DATED 24-12-2010 Whereas, the Central Government, in exercise of the powers conferred by […]
