IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1 unchanged. IFRS 18 is effective for annual reporting periods beginning on or after...
Read MoreA Family Investment Fund (FIF) in Gift IFSC aims to provide a formal structure for family offices to manage their investment funds. This allows family offices to set up a...
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♦ Chartered Accountant, Bachelor of Commerce ♦ Soumya is heading the Hyderabad operations of the Firm. ♦ She has been engaged In tax audits, Statutory audits and Stock audits of...
Read MoreThe Primary Marked Advisory Committee (‘PMAC’) of the Securities and Exchange Board of India (‘SEBI’) had identified and deliberated on certain challenges and issues arising out of (i) agreements indirectly...
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The Central Board of Direct Tax (CBD) has introduced major relief by enhancing ease operation for non-residents in International Financial Services Centre (IFSC)-banking units vide notification no. 88/2023 dated 10th...
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Place of Effective Management (POEM) Under Income Tax Act (ITA) ‘Place of Effective Management’ (‘POEM’) is an internationally recognised test for determination of residence of a company incorporated...
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Securities Exchange Board of India (“SEBI”) vide its Circular No.: SEBI/HO/AFD/POD/CIR/2023/054 dated Apr 10, 2023 has put forth certain specifications pertaining to the direct plan for schemes of Alternative Investment...
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1. The assessee offered income from house property from various properties in different years, however in some of the years, income from some of the properties were not shown or...
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Provision made based on historical trend would be entitled to deduction from the gross receipts under section 37 of the Income-tax Act,1961 ("l.T. Act") 1. During the AY 2007-08,...
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1. The assessee is an individual and derived income under the head salary and interest income. The assessee did not file his return of income for the AY 2011-12 under...
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As per section 47A of the Indian Stamp Act (West BengaL Amendment Act), if the market value of any property which is the subject of transfer, on which duty is...
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Budget day creates an expectancy of relief and concerns about the additional burden of taxes. The indirect tax budget announcements for 2023, however, neither provided much relief not added a...
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1. The assessee was a partnership firm originally constituted with four partners. The assessee had reconstituted the partnership firm and new partners were added. Then assessee after the reconstitution of...
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The 48th Meeting of the GST Council was held on 17th December 2022 through Video Conference, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman....
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1. The assessee is a private limited company engaged in the business of selling hair care products, providing consultancy services and treatment in the hair care and beauty sector. It...
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1. The assessee is a Domestic Company. For the AY 2020-21, the assessee filed its return of income on 15-01-2021 declaring a total income of INR 20,71 ,870. The assessee...
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1. The assessee is a Company IGate Computer Systems Limited (ICSL) engaged in business of Software Development services and IT enabled services (hereinafter called as "Amalgamating Company") amalgamated with the...
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An individual is eligible to claim deduction of Rs. 50,000 under Section 80CCD(1B) of the Income-tax Act, 1961 ("the Act"). This is over and above the Rs 1.5 lakh deduction...
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1. On 01st November 2022, CBDT Propose a Draft Common Income Tax Return ("ITR") in places of present ITR I to ITR -7 which are generally filed by all the...
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Foreign travel expenses incurred by directors of a company for promoting business activities to be allowed as deduction. 1. The assessee is a private Limited company engage in the...
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