S. Jaykishan

Chartered Accountants

KnowledgeBase

Impact of Ind AS on Minimum Alternate Tax (MAT)

Impact of Ind AS on Minimum Alternate Tax (MAT)

– By CA Niketa Agarwal

As the book profit based on Ind AS compliant financial statement is likely to be different from the book profit based on existing Indian GAAP, the CBDT constituted a committee in June, 2015 for suggesting the framework for computation of MAT liability under section 115JB for Ind AS compliant companies in the year of adoption and thereafter. On 22nd December, 2016, the Committee submitted its final report after […] Read More >>


Impact of Ind AS 41- Agirculture on Tea Industry

Impact of Ind AS 41 – Agriculture on Tea Industry

– By CA Niketa Agarwal

The Ministry of Corporate Affairs (‘MCA’) issued a press release on January 2, 2015 announcing a roadmap for the implementation of Ind- AS based on a company’s net worth. With respect to agricultural sector, before the introduction of the Companies (Indian Accounting Standards) Rules, 2015, there was no specific accounting literature in India (previous GAAP) that required recognition of biological or bearer plant and hence no accounting […] Read More >>


Revenue recognition for real estate developers – Indian GAAP vs ICDS

Revenue recognition for real estate developers  – Indian GAAP vs ICDS

-By CA Vivek Newatia

Real estate as a subject has always been of interest to all professionals considering the complex implications of the transactions – legal, accounting or taxation. One question which has perplexed everyone is whether revenue in the books of real estate developers should be recognised on percentage completion method (POCM) or project completion method/ completed contract method (CCM).

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Controversies surrounding Section 14A of the Income Tax Act

Controversies surrounding Section 14A of the Income Tax Act

-By CA Vivek Newatia
-By CA Puja Borar

Section 14A introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 has been one of the most litigated provisions with different courts interpreting it differently. The Section provides for disallowance of such expenditure which is incurred in relation to income which does not form part of the total income.

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Budget 2016

Budget 2016

– By Team S.Jaykishan

The Union Budget for the year 2016-17 was presented by the Finance Minister in the parliament on 29thFeb 2016.The Government has announced a series of measures to reduce litigation and rationalisation of tax proposals. The nine point agenda mentioned in the budget speech is a welcome move.The Government is set to introduce a framework for Base Erosion and Profit Shifting (BEPS), a global agreement to check tax avoidance by multinationals, making it difficult for the MNCs […] Read More >>


Budget 2015

Budget 2015

– By Team S. Jaykishan

The Union Budget for the year 2015-16 was presented by the Finance Minister in the parliament on 28th Feb 2015. This being the first full budget by the new government, expectations were running high. Significant announcements were made by the Hon’ble Finance Minister in his speech. He emphasized on curbing black money generation and coming down heavily on tax evaders. Emphasis was given on stability of tax regime and clear focus was seen on promoting […] Read More >>


Ind AS Convergence with IFRS

Ind AS Convergence with IFRS

– By CA Niketa Agarwal

Ind AS–Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) has now become a reality. Soon after the revised roadmap for implementing Ind AS was announced in January, 2015, the MCA through notification dated 16th February, 2015 issued the Companies (Indian Accounting Standards) Rules, 2015 (Rules) which lays down a roadmap for companies other than insurance companies, banking companies and non-banking finance companies (NBFC) for implementation of Ind AS converged with […] Read More >>


TDS on Payment of commission to Non-Residents

TDS on Payment of commission to Non-Residents

– By CA Puja Borar

Residents in India acquire the services of non-resident agents for canvassing of overseas contacts, for export of their products and/or for the provision of ancillary support services etc. Commission is paid to the non-resident agents in lieu of the services rendered by them. The chargeability and deduction of tax on such payments has been a controversial subject. This article intends to discuss the issue in the light of […] Read More >>


Disallowance u/s 14A with reference to a dealer of shares and securities

Disallowance u/s 14A with reference to a dealer of shares and securities

– By CA BK Newatia

Right from its inception, the scope of section 14A of the Income Tax Act, 1961 has been a subject matter of controversies and litigation between the tax payers and the tax collectors. One of the issues, surrounding disallowance u/s. 14A, is the possibility of disallowance of an expenditure in the hands of a dealer of shares and securities, who holds such shares and securities […] Read More >>


Advanced Pricing Agreement (APA) Roll Back Provisions

Advanced Pricing Agreement (APA) Roll Back Provisions

– By CA Puja Borar

The CBDT announced Income-tax (Third Amendment) Rules, 2015 to prescribe the conditions, procedure and manner for such roll back mechanism, namely, Rules 10MA and 10RA, vide S.O. 758(E) dated 14th March, 2015. Subsequent to the notification of the rules, requests for clarification regarding certain issues have been received in the CBDT. The CBDT therefore issued FAQs vide Circular No. 10/2015 dated 10th June, 2015, clarifying certain issues.The salient features of […] Read More >>