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: ACCOUNTING STANDARDS :: VAT RATES :: cpt :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TDS :: VAT Audit :: form 3cd :: articles on VAT and GST in India :: empanelment
 
 
« News Headlines »
 All you should know while filing Form GST TRAN-1
 What is Goods and Service Tax?
  Income Tax department open to reducing withholding tax for companies
 How to respond to a tax notice under section 143
 Income-tax (22nd Amendment) Rules, 2017
 All about Exports under GST
 Have you missed the due date of filing your Tax Returns?
 What you should know about income tax refunds
 Income tax scrutiny to remain limited despite surge in returns filed
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional

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