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: TDS :: form 3cd :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: due date for vat payment :: empanelment :: Central Excise rule to resale the machines to a new company :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARDS
 
 
News Headlines »
 Tax-saving for young earners simplified
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case

In a move towards IFRS, tax accounting standard on cards
July, 31st 2014

As part of an integrated exercise for introduction of a new Indian Accounting Standard (Ind AS), the Government has initiated moves to put in place a Tax Accounting Standard (TAS) too.

The simultaneous exercises, experts told BusinessLine, will avoid confusion in determining taxable corporate income in financial reporting as well as complete the twin process within the two-year timeframe. The absence of a TAS had caused postponement of introduction of Ind AS in 2011.

The country restarted the preparation for the convergence towards International Financial Reporting Standards (IFRS) through Ind AS by 2016-17 after the Finance Minister announced it in his Budget speech. The process of standard setting gathered momentum recently, K Raghu, President of the Institute of Chartered Accountants of India (ICAI) said.

“In August, ICAI will meet the Central Board of Direct Taxes to deliberate on the proposed TAS,” he said. The TAS was aimed at making the Ind AS tax neutral and it would help remove the reservations of the companies on this score, ICAI President explained.

Raghu said ICAI would also submit its suggestion on the roadmap for implementation of new accounting standard in August. The revised recommendations on accounting standards would, however, be submitted by ICAI later.

According to Rahul Chattopadhyay, Partner of the audit firm Price Waterhouse, quite a bit of work has already been done. “This would help completing the exercises,” he added. Sai Venkateshwaran, Partner and Head of Accounting Advisory Services, KPMG in India, TAS would address the biggest concern for the corporate taxpayers and provide relative stability in tax treatments.

The Ministry of Corporate Affairs, which is spearheading the move to involve the stakeholders, also needs to take actions in institution building, such as the National Financial Reporting Authority (NFRA) and Registrar for valuers. Though the Companies Act 2013 paved the way for creation of NFRA, the Government is yet to notify formation of the regulator.

Venkateshwaran said till NFRA is put in place, the National Advisory Committee on Accounting Standards (formed under the Companies Act, 1956) will be allowed to continue work on the new accounting standards.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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