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Accouning Standards vis-a-vis IND vis-a-vis IFRS
OVERVIEW:What is Convergence of Accounting Standards?What is IFRS?Convergence of Indian accounting standards with IFRSRole of ICAI in IND ASRole of SEBI in IND ASRole of Industry AssociationsAdvantages and Challenges after implementing IND ASFor bett
Union Cabinet approves GST Constitution Amendment Bill
Dear Professional Colleague, Union Cabinet approves GST Constitution Amendment Bill The Union Cabinet, on Wednesday, December 17, 2014 has approved the Constitutional Amendment Bill on Goods and Services Tax (GST), taking a step towards
Couple of keys for MS excel that will save you huge time
Everyday at work, we go through on various calculations and models prepared in MS Excel. Some of these are prepared by us, while many a times, they are prepared by someone else (say a colleague, client, banker, vendor or customer). In all of these si
Reverse charge & partial reverse charge mechanism in ST
Service Tax is levied under Section 66B of the Finance Act, 1994 as amended up to date. Section 68(1) confers liability to pay service tax on service provider but section 68(2), which has overriding effect over section 68(1), confers liability to pay
New Year Resolution: Have A 'Stop Doing' List
The difference between successful people and very successful people is that very successful people say No to almost everything. (Warren Buffet)The new-year 2015 is approaching and as usual we all would start to write down
Transfer Pricing adjustment on Corporate guarantee
TP adjustment on Corporate guarantee 1. [TS-208-ITAT-2014(CHNY)-TP] Transfer of shares in subsidiary, by way of 'gift', to an overseas step down subsidiary (in Cayman Island), not taxable as capital gains u/s 45; Such transfer 'without an
Service Tax on Commission Agent dealing in Import-Export
Service Tax on Commission Agent Service on Import-Export of Goods By CA Swapnil Munot In order to promote the Exports, Government of India has given big relief to industries in India, by exempting the service tax on
Supreme Court: Mobile charger is not a part of cell phone
Honble Supreme Court has delivered a landmark verdict in the matter of STATE OF PUNJAB & ORS. v. NOKIA INDIA PVT. LTD. & pronounced that the mobile/cell phone charger is an accessory to cell phone and is not a part of the cell phone. B
Intermediary redefined - relevance of NT 42/2012 lost?
Intermediary redefined relevance of Notification 42/2012 lost? With the final Budget 2014 an amendment was proposed to change the definition of intermediary. The new definition introduced the words ..or supply of
CENVAT on Capital Goods - Part I
CENVAT credit is available on inputs, input services and capital goods. Rule 2(a) of Cenvat Credit rules, 2004 defines "Capital Goods"
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