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Our Income Tax law leaves the method of accounting to be desired by the assessee. The insistence is only on the consistency of the method of accounting employed over substantial number of years. Any claim of deduction towards Business expenditure is
AVOIDING REPETITIVE APPEALS - SEC.158A OF INCOME TAX ACT 1961 It is a vox populi that the judiciary system in India consumes lot of time to come up with a judgement and cases are piling up day by day. A lot many instances have been noticed where the
IFRS and Transfer Pricing as per Income Tax Act, 1961 The bundle of IFRS that we have in the pipeline is no kith and kin for the existing Transfer Pricing concepts. IFRS dwells predominantly on the ‘Fair Value’ concept. Majority of these
Knowhow write-off: Comparing Sec. 32 and Sec.35AB of IT ACT 1961The definition for Knowhow in the IT Act 1961 is “any industrial information or technique likely to assist in the manufacture or processing of goods or in the working of a mine, oi
ASCERTAINING THE CAPITAL REQUIREMENTS Fixed and Working capital assessments are a professional exercise which demands strong knowledge of business operation as well as finance. Working capital is the active portion of the capital for a business. It
Statutory background for Royalty payment in India The very nature of the term Royalty indicates a disguised share of profit and it is paid for acquiring a very valuable knowhow or technique that assists a person in nourishing his sales. Let us navig
Depreciation – Multifarious views and Court Judgements The common school of thought is that, the term ‘Depreciation’ is associated with the wear and tear of an object which has a useful life extending beyond the normal operating cy
Derivatives under IAS-39: A Bird Eye view The word Derivative in common parlance means anything which has no identity or value of its own. Its value is based on the movement in value of another. In the context of financial instruments the term De
Sec. 206 AA of Income tax act 1961 (effective from 1.4.2010) was once a hot topic not only in India, but also some other countries which have financial dealings with India. These Non obstante clauses have been historically known to be plaguing our i
IFRS: IMPACT IN THE ASSET ACCOUNTING CYCLE An asset accounting cycle is akin to our Working capital cycle. It comprises of a purchase or in house production, consumption for business or capital appreciation and final disposal. This article envisag
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