method of accounting

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...

Read More

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 […]...

Read More

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...

Read More

Various Type of Assessment & amp; Study of Best Judgement Assessment

CA, CS, CMA - Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...

Read More

Why Take Your Accounting Practices to Cloud

CA, CS, CMA - In today’s time, you may have become habitual of hearing the word “cloud” and would be curious to know if it’s safe for your business. Well, cloud is one of the few things that give your business functions a unified platform for multiple solutions, safely stores data, and lets you access your operations anytime from […]...

Read More

IPSAS Board issued Exposure Draft 63, ‘Social Benefits’ for comments

CA, CS, CMA - The IPSASB seeks feedback on Exposure Draft 63, 'Social Benefits' to guide it in developing a final International Public Sector Accounting Standards (IPSASs) that establishes requirements for accounting for social benefits....

Read More

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. ...

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More
Sorry No Post Found

Recent Posts in "method of accounting"

Accounting for Government Grant and Government Assistance

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...

Read More
Posted Under: CA, CS, CMA |

Accounting of GST Transactions

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 […]...

Read More
Posted Under: CA, CS, CMA |

Accounting by infrastructure companies

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...

Read More
Posted Under: CA, CS, CMA |

Various Type of Assessment & amp; Study of Best Judgement Assessment

Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...

Read More
Posted Under: CA, CS, CMA |

Why Take Your Accounting Practices to Cloud

In today’s time, you may have become habitual of hearing the word “cloud” and would be curious to know if it’s safe for your business. Well, cloud is one of the few things that give your business functions a unified platform for multiple solutions, safely stores data, and lets you access your operations anytime from […]...

Read More
Posted Under: CA, CS, CMA |

Automated Accounting: For Business Growth & Development

Automated accounting helps accountants with the mundane tasks of accounting such as bill payments and invoices. As the tasks of accounting are getting automated, so the accountants can use the data from technology and execute it in real business at a much greater pace.  Over 50% of C-level executives expect that with the intelligent auto...

Read More
Posted Under: CA, CS, CMA |

‘Going Concern Concept’ during Pandemic times

Going Concern is a concept where the continuity of a business organisation is assessed. Up until now, we were least bothered by this concept as this was taken for granted. With the present Covid19 crisis, the basic fundamentals of business existence itself has changed and standards relating to going concern are becoming suddenly relevant ...

Read More
Posted Under: CA, CS, CMA |

Accounting aspects of Taxation Laws (Amendment) Ordinance, 2019

The Taxation Laws (Amendment) Ordinance, 2019 (or ’the Ordinance’)  was passed by Lok Sabha on December 2, 2019. The Ordinance provides significant tax cuts to Domestic companies.  This article specifically enlightens the treatment of the same in Books of Account of the assessee taking benefit of the ordinance....

Read More
Posted Under: CA, CS, CMA |

Identification of contracts (First of five steps for revenue recognition)

Few General considerations that we should know before we start with the topic Identification of contracts (First of the five steps for revenue recognition) Important Definition: Customer: A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity’s ordinary activities in exchang...

Read More
Posted Under: CA, CS, CMA |

5 Simple Ways To Manage Your Accounts

Bookkeeping or the books of accounts are the lungs of your business. It is advisable to streamline your accounts to keep your financial records sorted. Streamlining your bookkeeping makes sure that you save your time and money and reduce the last-minute anxiety and financial stress while not compromising on productivity. Here’s listing ...

Read More
Posted Under: CA, CS, CMA |

Browse All Categories

CA, CS, CMA (5,122)
Company Law (6,838)
Custom Duty (8,181)
DGFT (4,433)
Excise Duty (4,421)
Fema / RBI (4,511)
Finance (4,736)
Income Tax (35,583)
SEBI (3,798)
Service Tax (3,651)

Search Posts by Date

January 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031