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TMI Short Notes

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TMI Short Notes on various issues

 

  1. When can a provision be recognized as per ICDS X.

  2. What is the impact of ICDS X containing transitional provisions.

  3. Can any expenditure should set off against a provision recognised for another expendiure.

  4. 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).

  5. 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.

  6. What is the manner of recording the borrowing costs.

  7. What are the activities necessary to prepare inventory for its intended sale as per ICDS IX.

  8. 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.

  9. 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.

  10. Under ICDS IX does borrowing cost include exchange differences arising from foreign currency borrowings.

  11. Whether bill discounting charges and other similar charges would fall under the definition of borrowing cost.

  12. Which are the borrowing costs covered by ICDS IX.

  13. What is the manner in which securities held as stock-in-trade are required to be valued.

  14. 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.

  15. Which ICDS would govern derivative instruments.

  16. 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.

  17. How to deal with a situation where compensation is payable for the purposes of giving ‘immediate financial support’ with no further related cost.

  18. 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.

  19. Where the grants are received for assets which are outside the block of assets, then what is the treatment of such grants.

  20. Whether grants should be recognised even in cases where there is no certainty that the conditions attached to the grant would be fulfilled.

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