Scrap Sale

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2011 Hello friends

Can any one tell me what is the Difference between IFRS , IND AS and IAS.

My understanding is that IND AS are modified form of IFRS. And has been modified by our Institute. Am I right?

MUNIRAJU.N

MUNIRAJU.N (Querist)
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04 February 2011 Dear Sir/Madam

We sold charcoal scrap for Rs.1lakh weather any tax applicable or not?

C.A.Javid Patel

C.A.Javid Patel (Expert)
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04 February 2011 1. Yes you are right.

2. IAS is international Accounting standards.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2011 Sir u did'nt got my question my question was

"My understanding is that IND AS are modified form of IFRS. And has been modified by our Institute. Am I right?"

I am asking about IND AS..

C.A.Javid Patel

C.A.Javid Patel (Expert)
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04 February 2011 ya i have told that only IND AS is converged indian accounting standard. What you are saying is correct it is modified by the institute

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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04 February 2011 No, IND AS are earlier released by the ICAI and IFRS is released by the IFRS Committee for bring uniformaity in accounting method of all over the world(members of IFRS group).

IND AS is the old concept and IFRS is the new concept.

I Hope that you got your answer.

Regards!!!

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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04 February 2011 Dear Muniraju,
from your words i am getting that this scrap is from your manufacturing activity, which is business activity.

Therefore, as per income tax rules this will not be your capital asset therefore not capital gain tax but there would be effect on business income taxation because this is business activity scrap.

Regards!!!