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Article - Indian GAAP – Time to converge to Ind AS
Indian GAAP – Time to converge to Ind AS : Indian GAAP: A show stopper in achieving the overall objective of comparability and acceptability of Indian Financial Statements In India, we have two different framework for preparing financials statements: 1.) Indian GAAP (IGAAP) 2.) Indian Accounti
Read MoreArticle - ICAI Collaborates with CAPA for meeting on Public Sector Financial Management
ICAI Collaborates with CAPA for meeting on Public Sector Financial Management The Institute of Chartered Accountants of India (ICAI) in collaboration with the Confederation of Asian and Pacific Accountants (CAPA) organised a joint Roundtable Stakeholders meeting on Public Sector Financial Management
Read MoreArticle - Penalty us 271D can't be escaped even if cash received in excess of Rs. 20,000 was deposited in bank on same day : HC
Penalty us 271D can’t be escaped even if cash received in excess of Rs. 20,000 was deposited in bank on same day : HC Madras High Court in matter of M/s.Vasan Healthcare P Ltd v/s The Additional Commissioner of Income Tax has adjudged that Penalty u/s 271D of Income Tax Act 1961
Read MoreArticle - Frequently Asked Questions on Salary Income
Frequently Asked Questions on Salary Income: What is considered as salary income section 17 of the Income-tax Act defines the term salary. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is c
Read MoreArticle - ICAI gives Homage to Indian Army : ICAI President’s Message – March 2019
ICAI gives Homage to Indian Army : ICAI President’s Message – March 2019 My Dear Professional Colleagues, At this juncture of my professional journey, I find it extremely gratifying and blessed to take over as the 67th President of The Institute of Chartered Accountants of India, more so
Read MoreArticle - Foreign Direct Investment : Facts
Foreign Direct Investment : Facts At last segment, we discuss about the person or entities who can invest in india. Today, in my article we will elaborate about Foreign Venture Capital Investor. How can they invest and what is the criteria HOW CAN FOREIGN VENTURE CAPITAL INVESTOR (FVCI) INVEST IN IN
Read MoreArticle - Faq's on FDI | FDI- FACTS I
Faq’s on FDI | FDI- FACTS I: It is the intent and objective of the Government of India to attract and promote foreign direct investment in order to supplement domestic capital, technology and skills, for accelerated economic growth. Foreign Direct Investment, as distinguished from portfolio in
Read MoreArticle - Breaking : GST Council meet Today, Rate Cut for Real Estate to be announced soon
Breaking : GST Council meet Today, Rate Cut for Real Estate to be announced soon The GST Council is expected to announce reduction in GST Rate for Real Estate sector and for issue of tax rate on lottery. As per decision made by GSTN Council in it’s 31st Meeting, Law Committee and Fitment Commi
Read MoreArticle - Brief Overview of Ind AS 116 Leases (Proposed from 1.4.19)
Brief Overview of Ind AS 116 Leases (Proposed from 1.4.19): Introduction: Ind AS 116 sets out the principles for the recognition, measurement, presentation, and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represen
Read MoreArticle - What to Expect from 33rd GST Council Meeting
What to Expect from 33rd GST Council Meeting Below are some of the expectations from 33rd GST Council Meeting 1.) The 33rd GST Council Meeting will decide on bringing Under-Construction Residential Properties to 5% slab. As per decision made by GSTN Council in it’s 31st Meeting, Law Committee
Read MoreArticle - Suresh Prabhu clears proposal to encourage investments in Start Ups
Suresh Prabhu clears proposal to encourage investments in Start Ups DPIIT to issue notification today Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu has cleared a proposal aiming at simplifying the process of exemptions for Start-ups under Section 56 (2) (viib) of Income
Read MoreArticle - Govt widens definition of Startup to provide relief from Angel Tax [Read Notification]
Govt widens definition of Startup to provide relief from Angel Tax [Read Notification] MINISTRY OF COMMERCE AND INDUSTRY (Department for Promotion of Industry and Internal Trade) NOTIFICATION New Delhi, the 19th February, 2019 G.S.R. 127(E). This notification is being issued in supersession of the G
Read MoreArticle - Power Bank classifiable under Heading 8507 as Accumulator : AAR
Power Bank classifiable under Heading 8507 as Accumulator : AAR The Authority of Advance Ruling in Karnataka in matter ofXiaomi Technology India Private Limited has ruled out that “The Power Bank, traded by the Applicant, is classifiable under Heading 8507 as Accumulator and not as Static Conv
Read MoreArticle - FAQ’s on Overview of Goods and Services Tax (GST)
FAQ’s on Overview of Goods and Services Tax (GST) GST is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only
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