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: ACCOUNTING STANDARD :: form 3cd :: cpt :: articles on VAT and GST in India :: VAT RATES :: TDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: empanelment
 
 
« General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

1-year tax neutrality mulled for IFRS move
May, 03rd 2010

The ministry of corporate affairs (MCA) is looking to discuss the taxation matter relating to movement from Indian GAAP to International Financial Reporting Standards (IFRS) for reporting financial statements.

The ministry said if the shift from one standard to another leads to additional taxation, then in the first year that tax should have a neutral impact.

We are discussing these matters internally, after studying it we will discuss it with the finance ministry as we can provide one year of tax neutrality for the conversion, R Bandyopadhyaya, secretary, corporate affair ministry told DNA Money.

The ministry has constituted a core committee to look into matters of taxation relating to the IFRS convergence. The Institute of Chartered Accountants of India (ICAI) is currently studying the convergence tax issues in three sectors, telecom, banking and power and would come out with a detailed report in the first week of June.

ICAI would finalise the five accounting standards including Accounting Standard (AS) 1-presentation of financial statements, AS 2-inventories, AS 3-statement of cash flows, AS12-accounting for government grants and disclosure of government assistance and AS 16-borrowing cost.

In order to ensure that the convergence process is smooth and meets the stipulated deadlines, ICAI will be launching from the next month intensive training workshops in 58 locations across country. Meanwhile, ICAI president, Amarjit Chopra said they are also suo motu investigating the financial statements of the eight franchisee teams of IPL. We have started the process and are in talks with the ministry of corporate affairs to look into the matter.

Till now, we have got the names of companies and are in the process of getting their financial statements and even are looking at their auditors. By looks of it, something does not feel right, but we can not comment anything now, Chopra said.

 
 
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 Portfolio

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