New/Revised Ind ASs finalised by ICAI (Post February, 2011)
PrintListen to this Article
The following are the New/Revised Ind ASs (Post February, 2011) corresponding to the new/revised IFRSs issued by the IASB after finalisation of 35 Ind ASs hosted on the MCA’s website. These Ind ASs have been finalised by the Council of the ICAI and sent to the National Advisory Committee on Accounting Standards (NACAS) for its consideration. These are subject to any changes, which may be made by the Government before their notification.
- Draft of Indian Accounting Standard (Ind AS) 110 corresponding to IFRS 10, Consolidated Financial Statements.
- Draft of Indian Accounting Standard (Ind AS) 111 corresponding to IFRS 11, Joint Arrangements.
- Draft of Indian Accounting Standard (Ind AS) 112 corresponding to IFRS 12, Disclosures of Interests in Other Entities.
- Draft of Indian Accounting Standard (Ind AS) 113 corresponding to IFRS 13, Fair Value Measurement.
- Draft of Indian Accounting Standard (Ind AS) 19 (as amended) corresponding to IAS 19, Employee Benefits (as amended).
- Draft of Indian Accounting Standard (Ind AS) 27 (as amended) (Corresponding to IAS 27) (as amended in 2011) ‘Separate Financial Statements’.
- Draft of Indian Accounting Standard (Ind AS) 28 (as amended) (Corresponding to IAS 28) (as amended in 2011) ‘Investments in Associates and Joint Ventures’
- Draft of Amendment to Ind AS 1 (corresponding to amendments to IAS 1) ‘Presentation of Financial Statements’
- Draft of Amendments to Ind AS 12 (corresponding to amendments to IAS 12) ‘Income Taxes’
- Draft of Amendments to Ind AS 101 (corresponding to amendments to IFRS 1) ‘First time Adoption of Indian Accounting Standards’
- Draft of Amendment to Ind AS 107 (corresponding to amendments to IFRS 7) ‘Financial Instruments: Disclosures’
Category : Income Tax | Comments : 0 | Hits : 281
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. To flag the mismatches in payment of taxes in financial year 2023-24 (assessment year 2024-25) and the financial transactions made by persons or entities, the Income Tax Department has started sending emails and messages through SMSs to assessees. The tax department on Sunday urged assesses, who have not pa...
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered under section 12AA/12AB of the Act is exempt, subject to fulfilment of certain conditions specified under various sections of the Act. Finance Act, 2023 provided that donations made by a trust...
Comments