Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« General »
Open DEMAT Account in 24 hrs
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications
 Have you claimed education cess? Be prepared to pay tax as per the new rules
 Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)
 How is tax computed for selling a house?
 How much tax do you pay on equity investments?
 Fuel taxes: Centre s gains striking since FY16
 Tax rules for NRIs on sale of assets located in India
 ITR filing: Know tax rules that apply to freelancers in India
 Delhi Real Estate News: NDMC extends last date for property tax payment with amnesty scheme
 Citizens must file THESE ITR related forms before due date Income Tax Returns

Sources: India Inc to face no fresh tax liability from IFRS
May, 20th 2011

The Ministry of Corporate Affairs said that India Inc will not have to face fresh tax liability from International Financial Reporting Standards (IFRS) anymore, reports sources.

Report learns that after IFRS convergence, which will take place once the Direct Tax Code (DTC) bill is implemented in the next fiscal year, tax liability for India Inc will remain the same.

The Ministry of Corporate Affairs has suggested that Minimum Alternate Tax (MAT) should be computed as per the Generally Accepted Accounting Principles (GAAP) in India.

It also said that all taxes should continue to be charged as per Indian GAAP.

Sources say that companies will prepare a separate set of accounts for taxation.

Meanwhile, the ministry has also written to the finance ministry to resolve tax issues related to IFRS.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting