[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-II, SECTION – 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE NEW DELHI NOTIFICATION NO. 21/2015-2020 Dated: September 14, 2015 Subject: Amendment in import policy conditions of apples under Exim code 0808 10 00 of Chapter 08 of ITC (HS),… Read More »
Whether the registration of documents is necessary , where investment in construction of new building is made within three years of sale of property for claiming the benefit of section 54 ? where investment in construction of new building is made within three years of sale of property, benefit of section 54 is to be… Read More »
whether ‘natural pond’ which is specially designed for rearing prawns would be treated as ‘plant’ within Section 32 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for the purposes of allowing depreciation thereon ? since the ponds were specially designed for rearing/breeding of the prawns, they have to be treated as tools… Read More »
When will Foreign exchange loss in forward contract is not speculative Loss and is allowed as Business Loss ? Foreign exchange loss incurred by assessee on account of entering into forward contracts with banks for purpose of hedging loss in connection with its import/export business has to be regarded as business loss subject to condition that… Read More »
Question: When the income of the payee exceeded the maximum amount which is not chargeable to income-tax, can the payer escape the TDS Liability by taking declaration in Form 15G from payee requesting not to deduct tax at source ? Payer can’t escape TDS liability on basis of Form 15G if amount of interest exceeds basic… Read More »
Whether premium paid on Keyman insurance policy is deductible even if it is not a pure life insurance policy on life of another? The object and purpose of a Keyman insurance policy is to protect the business against a financial set back which may occur, as a result of a premature death, to the business or… Read More »
Indian Accounting Standard (Ind AS 106) Exploration for and Evaluation of Mineral Resources (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Question : What are the Objectives of standard on “Exploration for and Evaluation of Mineral Resources” ?… Read More »
Indian Accounting Standard (Ind AS 105) Non-current Assets Held for Sale and Discontinued Operations (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Question :What are the objectives of standard on Non-current Assets Held for Sale and Discontinued Operations ?… Read More »
Indian Accounting Standard (Ind AS 104) Insurance Contracts (see Note-1) (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Indian Accounting Standard (Ind AS) is to specify the financial reporting for insurance contracts by… Read More »
Indian Accounting Standard (Ind AS 103) Business Combinations (This Indian Accounting Standard includes paragraphs set out in bold type and plain type which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Indian Accounting Standard (Ind AS) on Business Combinations is to improve the relevance, reliability and comparability… Read More »