Near Final Indian Accounting Standards (IND ASs)

• Ind AS 101 First-time Adoption of Indian Accounting Standards 
  
• Ind AS 102 Share based Payment 
  
• Ind AS 103 Business Combinations 
  
• Ind AS 104 Insurance Contracts
  
• Ind AS 105 Non current Assets Held for Sale and Discontinued Operations 
  
• Ind AS 106 Exploration for and Evaluation of Mineral Resources 
  
• Ind AS 107 Financial Instruments: Disclosures 
  
• Ind AS 108 Operating Segments 
  
• Ind AS 1 Presentation of Financial Statements 
  
• Ind AS 2 Inventories 
  
• Ind AS 7 Statement of Cash Flows 
  
• Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  
• Ind AS 10 Events after the Reporting Period 
  
• Ind AS 11 Construction Contracts 
  
• Ind AS 12 Income Taxes 
  
• Ind AS 16 Property, Plant and Equipment 
  
• Ind AS 17 Leases 
  
• Ind AS 18 Revenue
  
• Ind AS 19 Employee Benefits 
  
• Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance 
  
• Ind AS 21 The Effects of Changes in Foreign Exchange Rates 
  
• Ind AS 23 Borrowing Costs
  
• Ind AS 24 Related Party Disclosures 
  
• Ind AS 27 Consolidated and Separate Financial Statements 
  
• Ind AS 28 Investments in Associates 
  
• Ind AS 29 Financial Reporting in Hyperinflationary Economies 
  
• Ind AS 31 Interests in Joint Ventures 
  
• Ind AS 32 Financial Instruments: Presentation 
  
• Ind AS 33 Earnings per Share 
  
• Ind AS 34 Interim Financial Reporting 
  
• Ind AS 36 Impairment of Assets 
  
• Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets 
  
• Ind AS 38 Intangible Assets 
  
• Ind AS 39 Financial Instruments: Recognition and Measurement 
  
• Ind AS 40 Investment Property 
  

10 things to do before 31 March

1. If you are claiming deduction for house rent allowance on account of actual rent paid, collect the rent receipts from the owner and keep them in your possession.

2. If you received any gifts during the year, please collect the gift deeds. The deeds should clearly state that you received the gift without any consideration

3. In case you have changed employment during the financial year, you have to go back to your previous employer and collect the Form 16.

4. If you have donated to charitable trusts, obtain a receipt and also a certificate saying the trust is an approved one under Section 80G of the Income Tax Act, 1961.

5. Collect all your bank statements and TDS certificates, if any. This will help you calculate your earnings from bank interest and deposit advance tax if required

6. If you have a running home loan, you must collect the certificate of repayment of principal amount and the interest paid during the financial year from the bank

7. If you are claiming an interest-paid deduction on an educational loan, get a certificate of repayment made in the financial year where the interest is stated separately.

8. Keep all receipts for contributions made to schemes listed under Section 80C, such as insurance payment, PPF, ELSS, and children's tuition fees.

9. In case you are claiming a deduction for any medical disability under Section 80U, do not forget to collect a certificate of disability from an authorised doctor

10. If you are claiming deduction for payment of health insurance premium, you need to keep the premium receipt indicating that the premium was paid in cheque.

Case Laws applicable for May 2011 and November 2011 CA Final

TO RECEIVE SUCH LATEST CASE LAWS ON YOUR MOBILE PHONE FOR FREE, SEND ON TAXALERTS TO 9870807070.
 Direct Tax Cases

Indirect Tax Cases

In addition to this, students are also advised to go through the Institute's Journal, Newsletter and most importantly, RTPs for latest decisions and amendments. Note that only those amendments which are made 6 months before the examination are relevant for that particular attempt.


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“Goodwill” is an “intangible asset” u/s 32(1)(ii) & eligible for depreciation

CIT vs. Hindustan Coca Cola Beverages Pvt Ltd (Delhi High Court)

The High Court, on hearing an appeal made by the assessee, has held that:

(iii)... any right obtained for carrying on business with effectiveness comes within the sweep of meaning of “intangible asset”. Goodwill, being the positive reputation built by a person over a period of time is of “similar nature” as the other items enumerated in the definition of “intangible assets".

Read full judgement here


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Timetable - ICSI June 2011

All the very best to all students appearing this time..!!

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Gujarat VAT Forms

Download the Gujarat VAT forms for various purposes from here.
(The author of this post does not take any responsibility whatsoever regarding correctness or otherwise of these forms and their contents.)

Note:
To see the forms, you will need to have pdf reader installed in your system. You can download the Adobe Pdf Reader from here