#method of accounting

[firstlawindia]

Method of Accounting; Mercantile System & Cash system

Method of Accounting; Mercantile System & Cash system

Section 145 of the Income Tax Act provides for method of accounting. Prior to its substitution by Finance Act, 1997, section 145 (1) provided that “income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall be computed in accordance with the method of accounting regularly employed by the assessee. Therefore, section 145 of the IT Act gave…

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[canadaupdate]

To start a new business, the choice is upon the businessman to follow the method of accounting. The method of accounting followed by the assessee cannot be substituted by the department only because it is not satisfied with the same.

[canadaupdate]

The method of accounting followed by the assessee cannot be substituted by the department only because it is not satisfied with the same. There is no fixed rule farmed by the Tax Department for maintaining the accounts.

[taxgurusandeep]

DOT-COM Companies, Accounting Concepts and “Its Practical Treatments”

DOT-COM Companies, Accounting Concepts and “Its Practical Treatments”

Naresh Kansala

DOT-COM Companies, Accounting Concepts and “Its Practical Treatments”

With the development of IT industry there is huge scope for growth not in the IT industry but in all other industries too and the growth of E-Commerce has revolutionized the way of conducting business. The buyers and the sellers are a mere click-of-the-mouse away. Number business organization already starts…

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Accounting Standards and IFRS

Accounting Standards and IFRS

Atul Khurana

OVERVIEW:

What are Accounting Standards?

What is IFRS?

What is Convergence of Accounting Standards?

Convergence of Indian accounting standards with IFRS

Role of ICAI in convergence

Role of SEBI in convergence

Role of Industry Associations in convergence

Advantages and Challenges for convergence

Meaning of Accounting Standards: In order to ensure transparency consistency,…

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Accounting Treatment of Expenditure Incurred on Stamp Duty and Registration Fees for Increase in Authorized Capital

Accounting Treatment of Expenditure Incurred on Stamp Duty and Registration Fees for Increase in Authorized Capital

Issue – The company is a registered non-banking financial company and is engaged in the business of lending for purchase of equipments. The company has received share application money and to allot further equity shares, the shareholders of the company have approved increase in authorized share capital. The company has incurred an expenditure toward stamp duty and registration fees paid to the…

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[taxgurusandeep]

Forensic Accounting: A Career Path

Forensic Accounting: A Career Path

INTRODUCTION

Forensic Accounting has existed for many years.  Also known as “Investigative Accounting”, forensic accounting is a detailed examination and analysis of financial documents and records for use as evidence in a court of law. (more…)

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[taxgurusandeep]

Method of accounting can be changed if such change is bona fide and permissible under law

Issue :- It was noticed by the assessing officer that the assessee Company has changed its accounting policy during the year under consideration and it was found that the Company has assessed loss of Rs.6,29,200/-. During the year under consideration as…

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