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Article - ICAI: Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29
Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India, pursuant to issuance of amendments to Accounting Standards by the MCA 1. The Council of the Institute of Chartered Accountants of India (ICAI) at its 359th meeting held on August 16-17, 2016 not
Read MoreArticle - IND AS 23: Clarification of Borrowing Cost with regards to foreign exchange loss/ Gain
IND AS 23: Clarification of Borrowing Cost with regards to foreign exchange loss/ Gain As per Para 6 Borrowing costs may include: (a) Interest expense calculated using the effective interest method as described in Ind AS 39 Financial Instruments: Recognition and Measurement; (b) [Refer to Appendix 1
Read MoreArticle - Delhi Assembly ratifies GST bill
Delhi Assembly ratifies GST bill In a boost to the Centres plan to implement the goods and services tax from next April, Delhi Assembly on Wednesday ratified the Goods and Services Tax (GST) Bill. “GST bill for the first time recognises Delhi as a state under the new Constitutional amendment t
Read MoreArticle - Circular 715 Section 194C-Dated 08-08-1995
Circular 715 Section 194C-Dated 08-08-1995 *Readers are requested to ignore the limit and percentage of deduction as this circular is dated 08-08-1995……However this circular will clear many of your doubts. Payments to munshis in bidi industry – In the bidi manufacturing industry, t
Read MoreArticle - Comparison of IFRS, Indian GAAP and IND AS -Simplified
Comparison of IFRS, Indian GAAP and IND AS -Simplified “Ind-AS refers to converged standards notified by NACAS. In all 35 standards has been notified till date, however, the implementation date is yet to be notified. Alternatively you may describe Ind-AS in an mathematical equation; Ind- AS =
Read MoreArticle - Leave Travel Allowance (LTA) Exemption under Section 10(5) read with rule 2B
Leave Travel Allowance (LTA): All of the salaried employees wants to know about LTA as LTA is the generally included in the salaries by the employers due to the tax benefits attached to it. An LTA is the remuneration paid by an employer for Employees travel in the country,
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