method of accounting - Page 6

A brief on Carbon Credit

Background  : The carbon market can be divided into two: the voluntary market and the regulatory (compliance) market. In the compliance market, carbon credits are generated by projects that operate under one of the United Nations Framework Convention on Climate Change (UNFCCC) approved mechanisms such as the Clean Development Mechanism (...

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Understanding of the Carbon Credits

One challenge facing the human race is that of GLOBAL WARMING. Global warming is the rise in the average temperature of Earth’s atmosphere and oceans. Carbon credits and carbon markets are a component of national and international attempts to mitigate the growth in concentrations of greenhouse gases (GHGs). The goal is to allow ma...

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Sec 199 –Does the method of accounting impact the year of TDS credit?

The assessee is a firm and engaged in business of financing and follows cash system of accounting. It gave a loan to a company on interest. The borrower while crediting the interest deducted TDS and issued TDS certificate. The assessee claimed the credit of TDS without offering the corresponding income to tax . The AO disallowed the clai...

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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. of mug the production of mugdal is 90 kg....

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They call accounting the language of business- Popular Accounting Terms

But with that, comes a range of terms which can be difficult to understand. Read our glossary to learn more: Accounting information systems: Computerised accounting systems are essential for all organisations these days. An information systems strea...

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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 227 (Bom) and (ii) Hela Holdings Pvt. Ltd...

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Income from Other Sources – Method of Accounting – Concealment Penalty – Provisional Attachment

In this article, the proposed amendments by The Finance (No. 2) Bill, 2009 relating to sections 56(2), 57, 145A, 271(1) Explanation 5A and 281B, are briefly discussed. These amendments proposed in the Finance (No. 2) Bill, 2009, are aimed towards rationalizing the provisions of the Income-tax Act, 1961 (“the Act”) in order to bring ou...

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HR Management in the Accounting Practice

As employers, we all want people who have the right attitude and appropriate and adequate skill sets to work for us. We would like to have a work environment in which our people enjoy working. We want our people to be committed to the Firm. And of course, we are concerned about salary cost since it is the biggest item on our profit and lo...

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August 2021