method of accounting

Fictitious Revenues & Red Flags Associated With Fictitious Revenues

CA, CS, CMA - Fictitious Revenues involve sale of goods or services that did not occur. Fictitious invoices can be fake, but can also involve legitimate customers. A fictitious invoice can be prepared for a legitimate customer even though goods are not delivered or services have not been rendered....

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SOP for Finance & Accounts for Construction & Infrastructure Company

CA, CS, CMA - 1. OBJECTIVE The aim of this SOP is to lay down necessary directives for the smooth and efficient administrative functioning, handling/ operating funds, functioning of Finance & Accounts Department and to ensure that Statutory compliances are made in the following areas: a) Delegation of Authorities and Financial Powers b) General acc...

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Accounting for Government Grant and Government Assistance

CA, CS, CMA - In India, there are many entities receiving government grants or government assistance each year. As per Indian GAAP and Ind As there are specific treatment for accounting of Government Grants and Government Assistance. Entity has to follow the same in the preparation of financial statements according to Indian Accounting Standards or ear...

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Accounting of GST Transactions

CA, CS, CMA - In the new GST era, some major changes are introduced by the Government. One of the major changes is introduction of Electronic Ledger system of GST Portal which shows Taxpayer’s ledger in the books of government. In order to align with the same, some accounting changes are also required in the Taxpayer’s books. This would […]...

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Accounting by infrastructure companies

CA, CS, CMA - In the absence of sufficient elaboration, many companies executing BOT contracts have treated infrastructure as fixed asset rather than as an intangible or financial asset.Infrastructure not only forms a significant component of India's economic activity but is also a major thrust area that can provide the necessary impetus for the double...

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Criteria for classification of Non-company entities for AS applicability

CA, CS, CMA - The Council, at its 400th meeting, held on March 18-19, 2021, considered the matter relating to applicability of Accounting Standards issued by The Institute of Chartered Accountants of India (ICAI), to Non-company entities (Enterprises). The scheme for applicability of Accounting Standards to Non-company entities shall come into effect i...

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Temporary Exceptions to Hedge Accounting for Derivative Contracts

CA, CS, CMA - Announcement providing Temporary Exceptions to Hedge Accounting prescribed under Guidance Note on Accounting for Derivative Contracts due to Interest Rate Benchmark Reform...

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Money laundering and scams “THROUGH” Multi-State Urban Cooperative Credit Societies, Angadia’s & Banks in India/Abroad – Gems & Jewellery Industry

CA, CS, CMA - ICAI Research paper on Money laundering and scams THROUGH Multi-State Urban Cooperative Credit Societies, Angadia’s & Banks in India/Abroad – Gems & Jewellery Industry...

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Money Laundering & Scams “THROUGH” Multi-State Urban Cooperative Credit Societies In India – Cash Deposits

CA, CS, CMA - The Credit Co-operative societies have misused various gaps of the system over period of time by tapping various regulations for commercial purposes which has multiplying effect. The flow of money moves without being monitored seamlessly through various unethical channels and the outcome could be illegal or against the interest of the eco...

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Internal Control System In State Owned Universities: A Study To Formulate Internal Control Manu-al

CA, CS, CMA - The findings of the Research Report on 'Internal Control System in State Owned Universities A Study to Formulate Internal Control Manual' stated that most of the state-owned universities are still following conventional method of accounting and doesn’t have an internal control system / manual, internal financial controls and Standard op...

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Method of accounting can be changed if such change is bona fide and permissible under law

Commissioner of Income Tax II Vs Mapin Publishing Pvt Ltd. (Gujarat High Court at Ahmedabad): Tax Appeal No. 902 of 2013 - Change in method of accounting was bona fide and with the compliance of the Accounting Standard – AS 9 – Revenue Recognition issued by the Institute of Chartered Accountants of India and provisions of S.5 of the Act. ...

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Rejection of Accounting Method followed by Assessee which was accepted in Assessment of earlier Year

CIT Vs. SAS Hotels & Enterprises Limited (Madras High Court) - Method of Accounting regularly followed by the taxpayer which was accepted by the Tax Officer in past cannot be rejected in future years without expressing the dissatisfaction about the correctness or completeness of the accounts of the taxpayer Rec...

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If book results are not rejected, AO has no alternative except to accept the book results

Jai Pulse Mills VS. ITO (ITAT Ahemdabad) - We find that at the time of survey the sample processing was carried out and according to the sample processing, the bi-products consists of chuni, dust, waste, etc. which comes to 8.46% and the books of account reflected the waste and bi-products at 10%. We find from the facts that out of 100 kg. o...

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If AO assume concealment without considering the actual payments made in the subsequent years, such attempt would be premature

Surrel Enterprise Pvt. Ltd. Vs. ACIT (ITAT Ahmedabad) - We have heard both the sides in detail. Thrust given by the C1T(A) on the mens rea reflected in the conduct of the assessee does not survive with usual force, since the judgment of the Hon'ble Supreme Court in the case of Union of India & Others Vs. Dharmendra Textiles Processors & Ors., 306 1TR 277...

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Change of method of accounting of overdue charges from mercantile basis to cash system does not create any income

CIT Vs. Annamalai Finance Ltd. (Madras High Court) - In the instant case, learned counsel for the Revenue is not in a position to demonstrate or satisfy us that due to the change of accounting method adopted by the respondent/assessee , which is permissible in law as per the ratio laid down in (i) CIT v. Matchwell Electricals (I.) Ltd. (2003)263 ITR 2...

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Recent Posts in "method of accounting"

Criteria for classification of Non-company entities for AS applicability

The Council, at its 400th meeting, held on March 18-19, 2021, considered the matter relating to applicability of Accounting Standards issued by The Institute of Chartered Accountants of India (ICAI), to Non-company entities (Enterprises). The scheme for applicability of Accounting Standards to Non-company entities shall come into effect i...

Read More
Posted Under: CA, CS, CMA |

Temporary Exceptions to Hedge Accounting for Derivative Contracts

Announcement providing Temporary Exceptions to Hedge Accounting prescribed under Guidance Note on Accounting for Derivative Contracts due to Interest Rate Benchmark Reform...

Read More
Posted Under: CA, CS, CMA |

Fictitious Revenues & Red Flags Associated With Fictitious Revenues

Fictitious Revenues involve sale of goods or services that did not occur. Fictitious invoices can be fake, but can also involve legitimate customers. A fictitious invoice can be prepared for a legitimate customer even though goods are not delivered or services have not been rendered....

Read More
Posted Under: CA, CS, CMA |

Money laundering and scams “THROUGH” Multi-State Urban Cooperative Credit Societies, Angadia’s & Banks in India/Abroad – Gems & Jewellery Industry

ICAI Research paper on Money laundering and scams THROUGH Multi-State Urban Cooperative Credit Societies, Angadia’s & Banks in India/Abroad – Gems & Jewellery Industry...

Read More
Posted Under: CA, CS, CMA |

Money Laundering & Scams “THROUGH” Multi-State Urban Cooperative Credit Societies In India – Cash Deposits

The Credit Co-operative societies have misused various gaps of the system over period of time by tapping various regulations for commercial purposes which has multiplying effect. The flow of money moves without being monitored seamlessly through various unethical channels and the outcome could be illegal or against the interest of the eco...

Read More
Posted Under: CA, CS, CMA |

Internal Control System In State Owned Universities: A Study To Formulate Internal Control Manu-al

The findings of the Research Report on 'Internal Control System in State Owned Universities A Study to Formulate Internal Control Manual' stated that most of the state-owned universities are still following conventional method of accounting and doesn’t have an internal control system / manual, internal financial controls and Standard op...

Read More
Posted Under: CA, CS, CMA |

How Indian Companies Can Play A Pivotal Role In The Supply Chain To Australia?

The Research Report focuses on developing trade between India and Australia and more specifically on how Indian companies can play a pivotal role in the supply chain to Australia?...

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Posted Under: CA, CS, CMA |

Inching towards Tax Certainty: Neoteric Domestic Dispute Mechanism for Cross-Border Taxation

Research Report on 'Inching towards Tax Certainty: Neoteric Domestic Dispute Mechanism for Cross-Border Taxation' revealed that the prevailing dispute mechanism in India on cross border taxation matters has its flaws and has certainly not fostered tax certainty....

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Posted Under: CA, CS, CMA |

Impact of Digital Transformation Strategies On Performance of Manufacturing Companies In India

The findings of the Research Report on Impact of Digital Transformation Strategies on Financial Performance in the Indian Manufacturing Sector have an important implication for manufacturing firms in India, policymakers, regulators, financiers and other key stakeholders in the market....

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Posted Under: CA, CS, CMA |

Guidance Note On Accounting By E-Commerce Entities

E-commerce is the activity of electronically buying or selling of products or online services over the internet. The online transactions can be conducted via mediums like computers, tablets, and smartphones. Most of the transactions are being done through online mode being ease in doing transactions by the consumers. In the above scenario...

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Posted Under: CA, CS, CMA |

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