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Companies Law - Highlights / Catch Notes

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Recognizing Deferred Tax Assets/ Deferred Tax Liability under ...

Companies Law

April 3, 2018

Recognizing Deferred Tax Assets/ Deferred Tax Liability under AS-22/Ind AS-12 - Exemption to specified Government Companies u/s 129(6) of Companies Act, 2013 - Condition of seven years removed.

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  1. Exemption to Government Companies u/s 129(6) of Companies Act, 2013 from recognizing Deferred Tax Assets/ Deferred Tax Liability under AS-22/Ind AS-12

  2. Remission of deferred sales tax liability - deferred sales tax liability will not be chargeable to tax as business income of the assessee - AT

  3. Income Taxes - Ind AS-12 of the Companies (Indian Accounting Standards) Rules, 2015 as amended

  4. Preponement of deferred sales tax loan chargeable u/s 41(1) or not – deferred sales tax liability is capital receipt not taxable - AT

  5. Intangible Assets - Ind AS-38 of the Companies (Indian Accounting Standards) Rules, 2015 as amended.

  6. 3 new services specified to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

  7. Fresh exemption from GST on certain services as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

  8. GST rates of various services as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

  9. Concessional rates of GST / IGST on specified handicraft items (5% or 12%) - New Notification no. 22/2018 -Integrated Tax (Rate)

  10. Where the assessee, due to certain scheme, made premature payment of deferred sales-tax and on such payment entire liability to pay tax stood discharged, section 41(1)...

 

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