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TMI Short Notes

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TMI Short Notes on various issues


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

  2. How are Government grants to be recognized.

  3. 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.

  4. 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.

  5. How are foreign exchange differences to be recognized.

  6. How to recognise the exchange difference In respect of transactions that are settled beyond the end of the previous year.

  7. What is the manner in which foreign currency transactions are to be recorded.

  8. What is the treatment of expenditure incurred on test runs.

  9. What is the value at which fixed assets are to be recorded as per ICDS V relating to tangible fixed assets?

  10. 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.

  11. Does ICDS-IV apply to interest received by an assessee on compensation or on enhanced compensation.

  12. 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.

  13. 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.

  14. How revenue from leases and hire purchase transactions will be recognised.

  15. Since there is no specific scope exclusion for real estate developers and Build -Operate- Transfer (BOT) projects from ICDS IV on Revenue Recognition, whether ICDS-III and ICDS-IV should be applied by real estate developers and BOT operators.

  16. Whether the costs incurred for securing the contract would have to be claimed in the year of incurrence or in the year in which contract is secured.

  17. What is the treatment of incidental income that arises from construction contract.

  18. Does proviso to section 36(1)(iii) apply on construction contract i.e. interest paid on capital borrowed for acquisition of an asset is not allowable as deduction if the same relates to a period beginning from the date of borrowing till the date on which such asset is first put to use.

  19. whether the recognition of retention money, receipt of which is contingent on the satisfaction of certain performance criterion is to be recognised as revenue on billing.

  20. What is the manner of recognizing contract revenue during the early stages of a contract.



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