The Indian Accounting Standards also known as Ind AS and are structured in line with the International Financial Reporting Standards (IFRS). The nomenclature for the naming and numbering of Ind AS is same as that of IFRS. Overall, the accounting…
Applicability of Ind AS
Since Indian companies have a far wider global reach now as compared to earlier, the need to converge reporting standards with international standards was felt, which has led to the introduction of Ind AS (Indian Accounting Standard). These new standards…
Key Audit Matters
With the purpose of enhancing the communicative value of auditor’s report by offering better transparency about audit and providing additional information to the users of financial statements, for the first time, audit reports of listed companies for the Financial year…
The New Lease Model (IND AS 116)
Under the existing rules as per IND AS 17 (Lease), lessees account for leases either as operating leases or as finance leases, depending on complex rules and tests. These, in practice, use ‘bright-lines’ resulting in all or nothing being recognized on-balance…
Applicability of IGST on goods transferred / sold while being deposited in a warehouse
As a common practice while importing goods, the goods shall first land to custom bonded area then transfer or sale of such goods occur from that area. As a trade practice importer files an into-bond bill of entry and stores…
Synopsis of Changes in Income Tax Form For AY 2019-20
The income-tax department has notified new income-tax return (ITR) forms for assessment year (AY) 2019-20. A synopsis of relevant changes have been presented herewith: S.No. ITR Form Relevant Change 1 ITR 2, 3 If the taxpayer is a director in…
Can an inspecting authority change the declaration made by consignor/ consignee/ transporter regarding the details of goods covered by e-way bill?
For movement of goods across India, GST law provides a mechanism for generation of e-way bill (EWB) number electronically. E-way bill is a document/number to be carried by the person-in-charge of conveyance. The provisions related to the generation and non-…
Form 15CA and 15CB
A huge portion of economy is dependent on import and export businesses. For making payments outside India compliances of certain governmental authorities like RBI, FEMA, Income Tax Department etc need to be ensured.One of such compliance of is submitting the…
Shelter of section 142 (3) cannot be taken to prevent lapse of CENVAT
Earlier under the era of Excise Duty & Service Tax, taxes paid on inward supply of goods & services were considered as CENVAT credit. GST consolidated both the above stated taxes into one. As such, transition provisions under GST Act,2017…