Income Tax : Learn about the key exemptions available for capital gains under different sections like 54, 54B, 54D, 54EC, and more. Understand ...
Income Tax : A guide on Income Computation and Disclosure Standards (ICDS) and its reconciliation with Accounting Standards (AS) for taxable in...
Income Tax : Explore provisions under the Income-tax Act for computing business income, including various chargeable incomes and accounting met...
Income Tax : Learn key details about ICDS including its scope, applicability to contracts, and disclosure requirements under different ICDS sta...
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...
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...
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 […]
