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) […]
Tag Archives: Income Tax updates
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 […]
REFUND OF TAX COLLECTED WITHOUT AUTHORITY OF LAW As postulated by Article 265 of the Constitution of India, a tax shall not be levied, except with the authority of law. A tax shall be valid only if it is relatable to statutory power emanating from a statute. Where the levy and collection of tax is […]
Internal financial control (IFC) What is Internal Financial Control (IFC)? (Sec 134) As per Section 134 of the Companies Act 2013, the term ‘Internal Financial Controls’ means the policies and procedures adopted by the company for ensuring:
How to get proper credit of taxes paid by you? Do’s for Taxpayers (A) The possible reasons for no credit being displayed in your Form 26AS can be: 1. Deductor/collector has not filed his TDS/TCS statement; 2. You have not provided PAN to the deductor/ collector;