Articles by FCS Deepak Pratap Singh

ITC will be allowed when Immovable Property falls under Definition of Plan & Machinery: SC

FCS Deepak Pratap Singh 19 October 2024 at 07:54

To give a plain interpretation to clause (d) of Section 17(5), the word "plant" will have to be interpreted by taking recourse to the functionality test.

Risks involved while porting an Insurance Policy

FCS Deepak Pratap Singh 15 October 2024 at 08:23

As you are aware Insurance has become one of the most important necessities of our life, same as food, shelter, education etc. Insurance provides us indemnity from financial loss in case of happening of any accident or disease.

What is Co-Pay Insurance And How is it Beneficial For Senior Citizens?

FCS Deepak Pratap Singh 20 September 2024 at 08:33

The co-payment option in health insurance for senior citizens is a contractual arrangement in which the policyholder is responsible for paying a specified percentage of the medical costs upfront, while the insurance provider covers the rest.

Is trading in a Life Insurance Policy allowed?

FCS Deepak Pratap Singh 03 September 2024 at 08:53

"It is suggested that life insurance policies be treated as a capital asset falling within the definition of "property" under Section 2(14) of the Income Tax Act. Indexation benefit (for premiums paid) will take care of inflationary impact, resulting in parity with other capital assets," ICAI said in its Pre-Budget Memorandum, 2022.

Case Study: Lease Rent Payment (Fixed or Variables)

FCS Deepak Pratap Singh 02 September 2024 at 08:31

In the given case, payment of Rs 2 per bottle packed is variable is nature because the no. of bottle packed will vary.

Case Study: Change in Accounting Estimates And Errors Reporting

FCS Deepak Pratap Singh 29 August 2024 at 08:39

In the given case, the retrospective restatement has no effect on the information in the balance sheet at the beginning of the preceding period (i.e., 1st April 2021). Therefore, PQR Ltd. is not required to present a third balance sheet.

Case Study: Revenue Recognition

FCS Deepak Pratap Singh 28 August 2024 at 08:41

The entity ABC is a public limited company domiciled in India. The Government of India holds 52% in the paid-up equity capital of the company as of 31st March, 2023

Case Study: Short Term Leases

FCS Deepak Pratap Singh 26 August 2024 at 08:36

Entity X (lessee) enters into a lease with Entity Y (lessor) for two assets namely, Asset A and Asset B, with 10 months non-cancellable term with an option to extend the lease for 5 months. The lease does not have a purchase option.

Any claim not included in Resolution Plan shall be extinguished: Supreme Court

FCS Deepak Pratap Singh 06 August 2024 at 08:29

Once a Resolution Plan is approved by the Adjudicating Authority, the same, irrespective of whether or not they participated in the CIRP, binds all creditors and any claims not forming part of the approved Resolution Plan shall stand extinguished.