Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: empanelment :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: form 3cd :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT Audit :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« News Headlines »
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley

Before IFRS convergence, 13 changes in Income Tax Act needed
January, 17th 2011

The finance ministry will have to make 13 changes in the Income Tax Act of 1961 if it has to resolve all direct tax issues arising out of the convergence of Indian accounting standards with International Financial Reporting Standards (IFRS), an expert committee has said.

The group, set up by the countrys audit standard setting body Institute of Chartered Accountants of India (ICAI) may ask the ministry to either amend the rules or allow industry to maintain parallel books of accounts in the initial year of transition (2011-12).

The group, which comprises chartered accountants and Central Board of Direct Taxes officials, will submit its report to the ministries of corporate affairs and finance, is learnt.

Harmonisation of the provisions of minimum alternate tax, issues related to tax deducted at source, tax differences arising out of recognition of constructive liabilities or obligations as against the current practice of recognising only legally enforceable liabilities, goodwill depreciation or depreciation of intangible assets, mark-to-market treatment, etc, are some of the issues highlighted by the committee.

The committee discarded the idea of applying IFRS convergence only on consolidated financial statements and allowing companies to follow existing accounting standards for standalone statements. It stated that maintenance of parallel books of accounts would also require the same effort and would be a better option.

The move comes at a time when various sections of industry are seeking a deferment of the IFRS convergence deadline set by the ministry.

The ministry has been consistent in its stand that a select group of companies, put in the Phase I group, will have to follow the new Indian Accounting Standards that converge with IFRS from April 1.

The Phase I group excludes banks, insurance companies and smaller companies and has companies that are part of the National Stock Exchanges bellwether index Nifty, the Bombay Stock Exchanges Sensex, companies whose shares or other securities are listed on foreign stock exchanges and companies, listed or not, which have a net worth in excess of Rs 1,000 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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