Accounting standards
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 September 2013
My two queries are as under
(1) Is it Mandatory to follow Accounting standards while finalising accounts and for filing income tax return for the Asstt.Year 2013-14.
(2)Is there any defined Accounting standards to be referred to in case of assessees who buy raw materials and get the required finished products manufactured on labour basis. The doubt has arisen because the assessee here cannot be treated as Manufacturer (Since he has no manufacturing unit of his own) he cannot be treated as trader (because he does not resell items on as is where is basis) Request reply from the expert elite members in this forum
(1) Is it Mandatory to follow Accounting standards while finalising accounts and for filing income tax return for the Asstt.Year 2013-14.
(2)Is there any defined Accounting standards to be referred to in case of assessees who buy raw materials and get the required finished products manufactured on labour basis. The doubt has arisen because the assessee here cannot be treated as Manufacturer (Since he has no manufacturing unit of his own) he cannot be treated as trader (because he does not resell items on as is where is basis) Request reply from the expert elite members in this forum
30 September 2013
Applicability of Accounting standards does not depend on nature of business.
It is applicable to all organisations while preparing books of accounts.
For finalising ITR income tax provisions to be followed accounting standards are for preparing books of accounts and not for finalising the ITR.
It is applicable to all organisations while preparing books of accounts.
For finalising ITR income tax provisions to be followed accounting standards are for preparing books of accounts and not for finalising the ITR.
30 September 2013
Agree with experts
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Average Cost Of High Quality Diamonds
- Accounting with Claude
- Rental income of jointly held property
- ITR-3 File/Error Found
- NRI INSURANCE ADVISOR
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
