Tag - esha agrawal

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 [...]

Application of AS-22 on AS-19

Hello everyone today we will discuss about the application of AS-22 in AS -19 “leases”. I am writing this article to discuss with you all how AS- 22 deferred taxes is applied in  AS-19 There are two types of lease Financial lease Operating lease Financial lease is lease where risk and reward are also transferred to lessee by lessor Operating lease means lease other than financial lease In case of financial lease we get the ownership of asset so we charge depreciation on [...]

IMPACT OF GST ON HOTEL/ RESTAURANT SECTOR

As we all know The Goods and Service Tax (GST) bill was passed in the Upper House of the Indian Parliament – The Rajya Sabha. To be implemented from 01st July 2017, A “one nation one tax” slogan which will replace the plethora of taxes levied under different names like service tax, value added tax (VAT), entertainment tax, cess etc. These various forms of charges will be combined to form a single tax i.e. GST GST will have a [...]

INCOME FROM PENSIONS

Pension is a retirement benefit; this is taxed as salary in the hands of the employee. Tax is deductable under section 192 of income tax act on payment. Family pension received by the dependence of the employee is taxable under the head income from other source. TDS is not deductible on family pension as it is not covered under section 192 of the Income tax act Exemption under section 10 (18) if any income by way of pension [...]

IMPERFECTIONS IN GST BILL

There are many imperfection in the bill and several provision require amendments over the coming two years or so, according to our former finance minister P Chidambaram. Let us discuss some of the imperfection in the bill. One, the multiplicity of rates two, the compliance provisions three, lack of clarity in some provisions , let us discuss with an example. Variation in turnover, what happens if the turnover goes above Rs 1.5 crore in one year and then falls [...]

LEAVE TRAVEL CONCESSION/ASSISTANCE- TAXATION ISSUES

We go on travel with our families ,if we can get tax benefits, why waste it. Hence the article on Leave Travel allowance or LTA. Have you claimed LTA? Leave Travel Allowance (LTA) is basically defined as the cost of travel granted to employees to travel anywhere in India, while on leave from work. It is allowed twice in a block of four calendar years. These blocks of 4 years are predefined by the government. These are: 2002 – 2005 2006 – 2009 2010 [...]

UNION CABINET APPROVES 4 GST BILL

The Union Cabinet has cleared four bills related to the Goods and Services Tax (GST), ahead of their introduction in Parliament, to enable roll out of the tax reform from July 1. Approval of the bills by Parliament and a separate one by all state Assemblies will complete the legislative process for roll out of the GST, the one-nation-one-tax system that merges central taxes like excise duty and service tax and state levies like VAT. What is GST bill?  Goods and [...]

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