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TMI Short Notes

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TMI Short Notes on various issues


  1. Accrual of income - Scope of ICDS - If there is conflict between Section 5 and Section 145, which would prevail
  2. ICDS - Accrual basis of Accounting - Accrual of income versus Receipt of income
  3. Bad debts out of income recognised on the basis of ICDS but not yet recognised in books of account
  4. Applicability of ICDS for the purpose of disallowance u/s 40(a)(i) and 40(a)(ia)
  5. Applicability of ICDS on TDS
  6. Maintenance of Books of accounts for the purpose of ICDS
  7. Levy of GST - Reverse Charge on Legal Services - Services provided by an individual advocate including a senior advocate or firm of advocates - Corrigendum notifications issued
  8. Reversal of Input Tax Credit - In GST / VAT era, emergence of by-product which is exempt during manufacturing process is not relevant, what is relevant is sale of goods.
  9. Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers
  10. Whether it is required to disclose a change in the accounting policies if it has no material effect for the current previous year.
  11. ICDS-I provides that an accounting policy shall not be changed without ’reasonable cause’. The term ’reasonable cause’ is not defined. What shall constitute ’reasonable cause’.
  12. Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.
  13. When does an assessee is required to make disclosures of fundamental accounting assumptions as per ICDS-I.
  14. What is the scope of Going Concern as per ICDS I.
  15. ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.
  16. In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.
  17. Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).
  18. When can a provision be recognized as per ICDS X.
  19. What is the impact of ICDS X containing transitional provisions.
  20. Can any expenditure should set off against a provision recognised for another expendiure.
  21. Under ICDS X, whether reversal of an asset and the related income would mean that the entry which was originally passed for recognition of the asset and the income should be reversed, or whether the asset should be written off as a bad debt under section 36(1)(vii).
  22. Expenditure on post-retirement benefits like provident fund, gratuity, etc. are covered by specific provisions. There are other post-retirement benefits offered by companies like medical benefits. Such benefits are covered by AS-15 for which no parallel ICDS has been notified. Whether provision for these liabilities are excluded from scope of ICDS X.
  23. What is the manner of recording the borrowing costs.
  24. What are the activities necessary to prepare inventory for its intended sale as per ICDS IX.
  25. There are specific provisions in the Act read with Rules under which a portion of borrowing cost may get disallowed under sections like 14A, 438, 40(a)(i), 40(a)(ia), 40A(2)(b), etc of the Act. Whether borrowing costs to be capitalized under ICDS-IX should exclude portion of borrowing costs which gets disallowed under such specific provisions.
  26. How to allocate borrowing costs relating to general borrowing as computed in accordance with formula provided under Para 6 of ICDS-IX to different qualifying assets.
  27. Under ICDS IX does borrowing cost include exchange differences arising from foreign currency borrowings.
  28. Whether bill discounting charges and other similar charges would fall under the definition of borrowing cost.
  29. Which are the borrowing costs covered by ICDS IX.
  30. What is the manner in which securities held as stock-in-trade are required to be valued.
  31. Para 9 of ICDS-VIII on securities requires securities held as stock-in-trade shall be valued at actual cost initially recognised or net realisable value (NRV) at the end of that previous year, whichever is lower. Para 10 of Part-A of ICDS-VIII requires the said exercise to be carried out category wise. How the same shall be computed.
  32. Which ICDS would govern derivative instruments.
  33. For subsidy received prior to 1st day of April 2016 but not recognised in the books pending satisfaction of related conditions and achieving reasonable certainty of receipt, how shall the same be recognised under ICDS on or after 1st day of April 2016.
  34. How to deal with a situation where compensation is payable for the purposes of giving ‘immediate financial support’ with no further related cost.
  35. Whether a grant which is not directly relatable to non-depreciable assets should be concluded as an income (in accordance with section 2(24)(xviii) and therefore be offered to tax or Whether such grant should be proportionately reduced from the cost of the asset in accordance with para 7 of the ICDS VII.
  36. Where the grants are received for assets which are outside the block of assets, then what is the treatment of such grants.
  37. Whether grants should be recognised even in cases where there is no certainty that the conditions attached to the grant would be fulfilled.
  38. How are Government grants to be recognized.
  39. What is the taxability of opening balance as on 1st day of April 2016 of Foreign Currency Translation Reserve (FCTR) relating to non-integral foreign operation, if any, recognised as per Accounting Standards (AS) 11.
  40. Since section 43A is applicable for a foreign currency liability in respect of an asset acquired from a country outside India, then how the exchange difference is recognised in case of a foreign currency liability for purchase of an asset in India.
  41. How are foreign exchange differences to be recognized.
  42. How to recognise the exchange difference In respect of transactions that are settled beyond the end of the previous year.
  43. What is the manner in which foreign currency transactions are to be recorded.
  44. What is the treatment of expenditure incurred on test runs.
  45. What is the value at which fixed assets are to be recorded as per ICDS V relating to tangible fixed assets?
  46. If the taxpayer sells a security on the 30th day of April 2017. The interest payment dates are December and June. The actual date of receipt of interest is on the 30th day of June 2017 but the interest on accrual basis has been accounted as income on the 31st day of March, 2017. Whether the taxpayer shall be permitted to claim deduction of such interest i.e. offered to tax but not received while computing the capital gain.
  47. Does ICDS-IV apply to interest received by an assessee on compensation or on enhanced compensation.
  48. Whether ICDS is applicable to revenues which are liable to tax on gross basis like interest, royalty and fees for technical services for non-residents u/s. 115A of the Act.
  49. The condition of reasonable certainty of ultimate collection is not laid down for taxation of interest, royalty and dividend. Whether the taxpayer is obliged to account for such income even when the collection thereof is uncertain.
  50. How revenue from leases and hire purchase transactions will be recognised.



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