Finance : The article explains how audit and accounting systems help maintain financial transparency, accountability, and investor confidenc...
Finance : The issue highlights the distinction between accounting and auditing functions. The key takeaway is that independent audits ensure...
Goods and Services Tax : Explains how carbon credits have evolved into monetisable assets and outlines key accounting recognition, income-tax treatment und...
CA, CS, CMA : Clarifies how acquisitions are accounted for when the acquired company continues to exist, focusing on fair-value recognition, goo...
CA, CS, CMA : Highlights how agriculture, livestock, forestry, and oil & gas inventories need unique recognition and measurement approaches. Key...
CA, CS, CMA : Join our free webinar on foreign accounting and bookkeeping, led by expert CA Sachin Jain. Learn about opportunities, techniques, ...
CA, CS, CMA : The Council, at its 400th meeting, held on March 18-19, 2021, considered the matter relating to applicability of Accounting Standa...
CA, CS, CMA : Announcement providing Temporary Exceptions to Hedge Accounting prescribed under Guidance Note on Accounting for Derivative Contra...
CA, CS, CMA : ICAI Research paper on Money laundering and scams THROUGH Multi-State Urban Cooperative Credit Societies, Angadia’s & Banks in I...
CA, CS, CMA : The Credit Co-operative societies have misused various gaps of the system over period of time by tapping various regulations for c...
Income Tax : Change in method of accounting was bona fide and with the compliance of the Accounting Standard – AS 9 – Revenue Recognition i...
Income Tax : Method of Accounting regularly followed by the taxpayer which was accepted by the Tax Officer in past cannot be rejected in future...
Income Tax : We find that at the time of survey the sample processing was carried out and according to the sample processing, the bi-products c...
Income Tax : 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 n...
Income Tax : 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 a...
8. We have carefully deliberated on the rival contentions raised by the learned AR and DR. The controversy here revolves around chargeability of interest income to the tax which even though technically accrued as per the mercantile-system of accounting being followed by the assessee, but the same was not accounted for as income in view of the peculiar facts and circumstances of the case wherein there was
CIT vs. Bilahari Investments (Supreme Court) – In the case of a chit fund following the ‘completed contract method of accounting’ and offering income at the end of the chit, held, approving the method: (i) Recognition/identification of income under the Act is attainable by several methods of accounting including the completed contract method or the percentage of completion method.
WITH India getting rapidly integrated to the global economy, making payments either for services or reibursement to a non-resident company or individual has become common for the India Inc. But what has not become common is the practice of deducting tax at source (TDS) under Sec 195. And this case is illustrated best in the latest decision of the ITAT which has held that it is obligatory for the payer to a non-resident company to deduct TDS u/s 195 without going into any other aspect with regard to nature and taxability of the payment and rejected assessee i.e. payer’s contention that reimbursements made by it were not in the nature of income in the hands of payee. As to the consequences of such non-deduction of TDS, it held that provisions of Sec 40(a)(i) are attracted as per which, any claim of such amount will not be allowed as deduction during computation of income of payer and can be claimed only on deduction and deposition of such tax which though is subject to subsequent assessment by the A.O.
