INTRODUCTION TO LIMITED LIABILITY PARTNERSHIP IN INDIA

Download this Post in PDF Format DOWNLOAD DRAFT LLP AGREEMENT (PDF FILE) The framework of laws & rules dealing with the Limited Liability Partnership (LLP) are contained in the Limited Liability Partnership Act, 2008 (the LLP Act) and the Limited Liability Rules, 2009 (the LLP rules). The Income Tax Act, 1961 was amended by the…More

IFRS 8 OPERATING SEGMENTS

IFRS 8 Operating Segments [Download this PPT as PDF File] THE CORE PRINCIPLE An entity shall DISCLOSE information to enable users of its financial statements  to EVALUATE The nature and financial effects of the BUSINESS ACTIVITIES in which it engages & the ECONOMIC ENVIRONMENT in which it operates. IFRS 8 – APPLICATION SUMMARY •1 •Identify…More

PROVISIONS OF PENALTY U/S 271(1)(c)

A.    PENALTY U/S 271(1)(c) – CARDINAL PRINCIPLES The following Cardinal Principles have been laid out by the Supreme Court Court in Dilip N. Shroff v. CIT (2007)161 Taxmann 218 and T. Ashok Pai v. CIT (2007) 161 Taxmann 340, for the purpose of imposition of penalty under section 271(1)(c) :: 1).     Penalty not automaticMore

IAS 23 BORROWING COSTS

Download this Post in PDF Format 1.     STATUS         Mandatory 2.     OBJECTIVE         Prescribe the Accounting Treatment for BORROWING COSTS. 3.     NOT APPLICABLE     Does not deal with ACTUAL or IMPUTED Cost of Equity including Preferred Capital not classified as Equity. 4.     KEY TERMS         BORROWING COSTS (BC)         are INTEREST + OTHER COSTS incurred by an entity in connection…More

IAS 21 THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES

Synopsis
– Objective ; – Scope; – Determination of Functional Currency; -Change in Functional Currency; -Definition of Foreign Currency; -Initial Recognition of Foreign Currency; -Remeasurement of Foreign Currency Transactions into Functional Currency; -Subsequent Measurement of Foreign Currency Transactions and Translation of Foreign Operations with Different functional currency; -Translation to Presentation Currency; Summary

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IFRS 3 BUSINESS COMBINATIONS

Presentation on Business Combinations
Synopsis
– Objective; -Core Principle; -Scope; -Definition of Business; -Recognition – Acquirer’s Perspective; -Identify the Acquirer; -How To Identify the Acquirer; -Measure the Cost of Business Combination; -Definitions – Cost of Business Combination; -Allocate the Cost to Assets, Liabilities on Acquisition Date; – Recognition Criteria for Assets and Liabilities of Acquiree; -Recognition of Income of Acquiree; – Recognition of Goodwill; -Bargain Purchase; – Disclosure by AcquirerMore

DEEMED DIVIDEND U/s 2(22)(e)

[First Published On 02 February 2010, Last Updated on 25 November 2013] Download a Copy of this Document in PDF Format Download a Copy of the Presentation in PDF Format ———————————————————————————————————————————————————More

AGRICULTURAL INCOME WILL CONTINUE TO BE EXEMPT FROM INCOME TAX UNDER THE NEW CODE

1.            Continuation of Exemption of Agricultural Income under the New Code Section 10 read with Entry in Sl. No. 1 of the Sixth Schedule of the Direct Taxes Code Bill, 2010 (hereinafter ‘DTC’) exempts Agricultural Income from Income Tax. The Discussion Paper on the Direct Taxes Code explains the rationale for the exemption and I…More