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 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 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 […]
How Tax Helps Us in Our Daily Life? Taxes help the government in earning an income which is used in a lot of projects that will also help the government in developing the economy for its country and for its people.In India, the taxes are decided by the central government and the state governments along […]
Due date for furnishing 15G/15H declarations CBDT has vide Notification No 1/2016 Dated: 09th June, 2016 notified due date for furnishing 15G/15H declarations for the period from 10.10.2015 to 31.03.2016 and for the period starting from 01.04.2016.