Accrual of income - Accounting as prescribed by accounting ...

Income Tax

May 11, 2020

Accrual of income - Accounting as prescribed by accounting standard AS-7 - Completed Contract Method - for the subsequent years, it has changed from Project Completion Method to Percentage Completion Method in the subsequent year and as such, there is revenue neutral in the assessment year in question.

View Source

← Previous Next →

Accrual of income - Accounting as prescribed by accounting ...

Income Tax

May 11, 2020

You may also like:

Revision u/s 263 - in the very first year of changing of accounting standard, there was a lesser tax liability on the assessee but in the subsequent four years, the tax...

Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards - Money changing activities - Circular

Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money changing activities. - Cir. No. 77 Dated: February 15, 2012

Change of policy - Restriction of Letter of Permission – Constitutional Validity of para 7 of Appendix 14IC of Exim policy – Curtailment of period of licence – Change of...

Accrual of income - Work relate to the installation and erection of the equipment has been completed in subsequent years as the time taken varies between 1 month to 21...

Addition of difference in sales – there was no justification in not accepting the sales recorded by the assessee in its books of accounts as per Accounting Standard AS-7 - AT

Accrual of expenditure - contingent liability which crystallized during the subsequent year - principal encashed the bank guarantee and recovered the amount - Merely...

Payment of ST shall be optional for 3 months on accrual basis - Other major changes in POT Rules has been made to remove difficulties

Recognition of contract revenue under Accounting Standard (AS) 7 - Maintenance activities cannot be clubbed with the construction activity. Having gone through the...

The Effects of Changes in Foreign Exchange Rates - Disposal of a Non-integral Foreign Operation - AS-11 of the Companies (Accounting Standard) Rules, 2006 as amended.

Quick Updates: