1. This Income Computation and Disclosure Standard deals with significant accounting policies. 2. The following are fundamental accounting assumptions, namely:- (a) Going Concern refers to the assumption that the person has neither the intention nor the necessity of liquidation or of curtailing materially the scale of the business, profession or vocation and intends to continue his business, profession or vocation for the foreseeable future.
Council of ICAI considered issue regarding difference in requirements relating to the auditor’s rotation under the SQC 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements issued by ICAI vis-à-vis the Companies Act, 2013
The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Services Tax (GST) in the country. He said that till 16th September, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force
Smooth implementation of GST requires many enabling conditions. One of them is to enable IT firms which supply tax accounting software to taxpayers and tax professionals. In this regard, Goods and Services Tax Network (GSTN), which has developed GST software for Government
Notice for Inviting applications for Empanelling experts as Mediators or Conciliators, Southern Region Notice for Inviting applications for Empanelling experts as Mediators or Conciliators, Western Region Notice for Inviting applications for Empanelling experts as Mediators or Conciliators, South Eastern Region Notice for Inviting applications for Empanelling experts as Mediators or Conciliators, Eastern Region
The Government has decided to raise the Employees Provident Fund ( EPF) investment in Exchange Traded Funds from present 5 per cent to 10 per cent. Announcing this Shri Bandaru Dattatreya, the Minister of State(IC) for Labour and Employment said that the decision has been taken considering the good returns in ETF investment.
Delhi Chief Minister Arvind Kejriwal criticised Prime Minister Narendra Modi and Income Deceleration Scheme 2016 for Nationwide Raid and survey carried out by the Income Tax Department to make the Income Deceleration Scheme 2016 Successful. Recently Department has Raided and Surveyed Small Traders including Small Street Vendors too. Text of the letter is as follows […]
An application under sub-section (2) of section 55 shall be made in Form 703. Every such application shall be verified in the manner indicated therein. The applicant shall clearly set out and specifically mention where the question/ questions falls in sub rule (1) of rule 63 prescribed for said purpose.
The results of a recently conducted global survey of 2,600 businesses in 36 countries, finds little impact from the OECD BEPS programme which was finalised last October, as 78 percent of the surveyed businesses said that they have not changed their businesses approach to taxation, despite more than 80 countries having agreed to adopt at least the minimum elements of the BEPS Action Plan.
CBEC has released Format of FORM GST 9A i.e. format of Audit Report under Central/ State Goods and Services Tax Act, 2016 and Central/ State Goods and Services Tax Rules, 2016 and Format of FORM GST ITC – 1C i.e. Input Tax Credit Mismatch Reports for E-commerce Operators.
