S. Jaykishan

Chartered Accountants

KnowledgeBase

Income Computation and Disclosure Standards – An Overview

Income Computation and Disclosure Standards – An Overview

– By CA Vivek Newatia, CA Puja Borar

As per the provisions of Section 145, Income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee.
The Central Government has been empowered by the provisions of sub-section 2 of Section 145 to notify the Income Computation and Disclosure Standards for any […] Read More >>


Certification requirements u/s 195 in the light of the amendments by the Finance Act, 2015

Certification requirements u/s 195 in the light of the amendments by the Finance Act, 2015

– By CA Puja Borar

the provisions of sub-section (6) of section 195 of the Act have been amended vide the Finance Act, 2015 w.e.f 1st April, 2016 (i.e. AY 2016-17) to provide that the person responsible for paying any sum, whether chargeable to tax or not, to a non-resident, not being a company, or to a foreign company, shall be required to furnish the information of […] Read More >>




RELATED PARTY TRANSACTIONS- HARMONISING AND REPORTING UNDER VARIOUS STATUES

Related Party Transactions – Harmonising and Reporting Under Various Statues

– By CA Niketa Agarwal

The “Related Party Transactions” (RPTs) are under heightened watch of various regulators and tax authorities not just in India but globally. The potential to misuse RPTs is a cause for concern all over the world to both regulators as well as investors as has been evident from various scams and frauds in India and globally.

The reporting and compliance under various different laws poses a challenge […] Read More >>


Consolidated Financial Statements

Consolidated Financial Statements

– By CA Vivek Newatia
– By CA Niketa Agarwal

Erstwhile only clause 32 of the listing agreement mandated listed companies to publish Consolidated Financial Statements. Neither the Companies Act, 1956 mandated the preparation of consolidated financial statements nor do the Accounting Standards require companies to prepare Consolidated Financial Statements. With insertion of Section 129(3) in the Companies Act 2013 (“Act”), all companies including unlisted and private companies with one or more subsidiaries will in addition to separate financial statements […] Read More >>


Depreciation as per the Companies Act, 2013

Depreciation as per the Companies Act, 2013

CA Niketa Agarwal

The provisions under Schedule II of the Companies Act, 2013 have a lot of impact on all the companies in India. So it is a dire need for all of us to understand these provisions, as it would affect accounting of depreciation of companies. Also, while doing audit, it is to be checked that depreciation charged is as per Schedule II of the Act.

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Schedule II to the Companies Act 2013

Schedule II to the Companies Act 2013

By CA Aditi Chandak

With the introduction of the revamped Company Law, changes have been brought about in quite a few areas of interest. We’re focusing on the changes in depreciation in this article. Schedule XIV of the erstwhile Companies Act prescribed minimum SLM (straight line method) and WDV (written down value) rates for depreciation. The Companies could charge higher depreciation, if the useful life of an asset was shorter than that envisaged under Schedule […] Read More >>


Budget 2014

Budget 2014

-By Team S.Jaykishan

The article contains an analysis of the new provisions introduced and the amendments to the existing ones by the Union Budget 2014-15 presented by the Finance Minister on July 10, 2014. The first budget in 10 years by a non-UPA government has announced a roadmap of policy initiatives that is likely to lead the economy back to 7-8% growth levels in the next 3-4 years. The government also aims to stabilize the macro-economy with lower levels of […] Read More >>


Overview of Business Valuations

Overview of Business Valuations

By CA Niketa Agarwal

Valuation involves high degree of professional judgement, knowledge of business, analysis of facts, interpretation, developing financial models, methods and procedures, which may result into different conclusions in each given situation. It is both science as well as an art. Though quantitative in nature, the valuation methods require inputs that require quite a lot of subjective judgement. The Management of companies seek help of professionals like Chartered Accountants or Investment Bankers to value […] Read More >>