Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: form 3cd :: VAT Audit :: cpt :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India
 
 
News Headlines »
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return
 Why cement companies are going in for M&As
 Govt moves to rework direct tax law after PM’s nudge
 New offer available for filing tax returns online, how to avail

Draft Tax Accounting Standards
November, 08th 2012
The Ministry of Finance (MoF) has issued the Final Report of the Accounting Standards Committee (Committee) constituted by the Central Board of Direct Taxes for formulation of Accounting Standards under the Income Tax Act (the Act).   The Report contains the final recommendations of the Committee and includes drafts of 14 Tax Accounting Standards (TAS) that will apply to the computation of taxable income under the Act.  The MoF and the CBDT have sought comments from stakeholders and the general public on this report by November 26, 2012.

The issuance of TAS represents a significant development in providing an independent framework for computing taxable income.  Although these standards are based on the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI), they contain several modifications that are largely designed to ensure conformity with the existing provisions of the Act, to provide certainty on issues that have been the subject of litigation over the years and minimise the alternatives available in order to bring consistency in computation of taxable income.  Companies would need to carefully evaluate the potential impact of the TAS on their tax positions and outflows as well as the efforts involved in determining income based on this proposed framework.

The attached publication provides KPMGs analysis of the impact on determination of taxable income and highlights the areas of significant change as compared to current accounting standards, tax laws and judicial precedents.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions