International Computation and Disclosure Standards (ICDS)

International Computation and Disclosure Standards (ICDS) In 2010, when Ministry of Corporate Affairs (MCA) had announced converging Indian financial reporting with IFRS in a phased manner, one of the biggest challenges faced by corporate sector was how this change in financial reporting would impact taxable income, as many Companies would report using Indian-Accounting Standards (Ind-AS) […]

Service Tax Implications of Composite contract

Service Tax Implications of Composite contract Composite contract could involve materials/goods and services. There could also be specie of contracts comprised of immoveable property+ goods and services. Works contracts [material plus labour contracts] or catering contracts namely ‘service wherein goods, being food or any other article of human consumption or any drink (whether or not […]

PAN is compulsory for some specified transactions

PAN is compulsory for some specified transactions The Government in its commitment to curb the circulation of black money and widening of tax base has made quoting of PAN compulsory for specified transactions.. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent […]