ICAI

International Taxation – FAR Analysis

Hello Readers, Hope you have read the previous parts. Click here to see the previous parts. FAR Analysis Functions, Assets and Risk (‘FAR’) analysis is an analysis of the functions performed, taking into account assets used and risks assumed by associated enterprises (AEs) in controlled transactions. A method of finding and organizing facts about a business in terms of the functions performed, assets used (including intangible property) and risks assumed by such business to: Identify how they are divided among the AEs; and Ø [...]

Just a Thought – CA Students

If you are a CA Student, then read it….It's been more than 7-8 months for me to be an user of this app. Being a CA Student, i was very much active in replying to queries related to Board of Studies, Articleship, CPT, IPCC, Final subject wise issues. But, there is a particular trend which is being followed by CA Students which is not good for them. let me explain what is it…. •If someone didn't get his articleship letter then he [...]

International Taxation – Computation of ALP

Hello Readers, Hope you have read the previous parts. Click here to see the previous parts. Let’s proceed further…. Computation of ALP: I had already discussed CUP method of computation of ALP, so now let us discuss other parts: Method 2: Resale Price Method The resale price method (RPM) is a method which compares the gross margins (i.e. gross profit over sales) earned in transactions between related and unrelated parties for the determination of the ALP. The RPM requires high level of functional comparability and [...]

International Taxation – Int. Transactions, Profit Shifting, ALP Computation

Hello readers, hope you have read the previous parts in which we had covered the basics of international taxation laws and the concept of associated & deemed associated enterprises. Let’s proceed further….. International Transaction An international transaction means: a transaction between two or more associated enterprises, either or both of whom are nonresidents; and transaction in the nature of: sale/ purchase/ lease of tangible property; or sale/ purchase/ lease of intangible property; or provision of services; or lending/borrowing money; or any other [...]

International Taxation – Associated Enterprises

Hello Readers, Yesterday we have discussed about the basics of international taxation and covered basic aspects regarding the Arm Length’s Price principles and the reason behind the introduction of transfer pricing provisions in the Income Tax Act, 1961. Hope you have gone through it. Let’s proceed further and today we will cover other aspects of transfer pricing. **TP means Transfer Pricing **ALP means Arm Length Price Section 92: COMPUTATION OF INCOME FROM TRANSACTION WITH NON-RESIDENT Section 92 provides that any income arising from an “international transaction” [...]

International Taxation – Basics

INTERNATIONAL TAXATION Why should a Chartered Accountant be aware of International Taxation Laws? In context of ICAI’s vision; The profession of Chartered Accountancy is touching international heights in the area of Auditing and Taxation. Our Institute is working relentlessly for making Indian Chartered Accountants, A Global Professional. Now what makes a Chartered Accountant different from other professionals is their adaptability towards new and tough areas. As you know very well, Taxation is the most dynamic and wide area as compared to [...]

Role of a Chartered Accountant in Nation Building

It was well said by Dr. APJ Abdul Kalam that Chartered Accountants are partners in the nation building. Chartered Accountancy is not only about Debit and credit of accounts. Scope of Chartered Accountancy has grown at gigantic level. Chartered Accountants are the backbone of  the nation’s economy and due to their financial expertise, they can guide the nation by suggesting various economic and financial measures to uplift the deteriorating Indian economy and boost up the economic as well as industrial growth [...]

AS-26- Intangible Assets (Part – 2)

Hello everyone, thanks for the appreciation for the first part of AS 26, now we will start the second part of our AS 26. In case you have missed the previous part, then don't worry and click here to read it. Self generated Intangible asset are Goodwill, titles, brand, copyrights will not be recognised in accounts. Other self generated Intangible asset should be recognised in accounts for example websites, softwares, patents, knowhow, formulation. Expenditure incurred on research should be recorded as expense. [...]

AS-26- Intangible Assets (Part 1)

Recognition Of AS-26- Intangible Assets, Its Accounting Treatment And Disclosure Requirement (Part 1) Being a commerce professional the term Intangible Asset is so common, generally we think  intangible asset is that asset which we cannot touch, feel, see etc. so according to this meaning prepaid advances is intangible assets as we cannot feel, touch or see, but it is not so prepaid advances are not intangible assets it is tangible, So friends discussing with you all in detail the concept [...]

Tata Consultancy Services signs Memorandum of Understanding with Institute of Cost Accountants of India

Atul Khurana. As part of the MoU, ICAI will deploy and leverage TCS’ Digital Content Market Place Platform ­ Digital HUB to drive the institute’s digital transformation efforts. According to a release, ICAI’s digitization efforts through TCS iON Digital HUB will aim to provide improved services to students & members allowing them easy access to the vast knowledge base of the institute. TCS iON will bring Vocational & Skill Courses to ICAI students & its members through iON Digital HUB. Both organisations [...]

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