Accounting Standard -1 useful for CA/CMA Student

Contributed by CA Rahul Surya a well known faculty for Accounts for last many years.  For more reading please click here

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Accounting Standard – 1

Disclosure of Accounting Policies

1.       Applicability and Nature : This AS is applicable from 01-04-1993 onwards and Mandatory for SMC, NON-SMC and Level-I,II & III (It means mandatory for all)

2.       Objective:- The main objective of this AS is to provide better understanding of the F/S by disclosing the significant accounting policies used in preparation of F/S. This also helps meaning full comparison between F/S s of different enterprises.

No Need to Open Another Bank Account to Avail of Benefits Under Pradhan Mantri Jan Dhan Yojana (PMJDY)

Anybody Desirous of Opening an Account Can Take One Page Application form to the Nearest Bank Branch/Bank Mitr for Opening the Account; People Who do not Have Officially Valid Documents or Aadhaar Numbers Can Still Get Bank Accounts Opened by Submitting Two Copies of Signed Photographs at the Bank Branch;

Guidelines for scrutiny of Income tax cases for F.Y. 2014-15

The CBDT has issued recently Instruction No. 6 of 2014 dated 02.09.2014 and announced the procedure and criteria for compulsory manual selection of cases for scrutiny for FY 2014-15.
The guidelines can be downloaded from the link below
LINK

Last year, in case of Joginder Pal Gulati Vs. OSD-CPIO, Honourable Delhi High Court instructed to the department to provide scrutiny guidelines to the petitioner and asked for uploading the guidelines in its website also so that it could available easily to public.
Complete case law can be downloaded from link below:-
JoginderPal Gulati vs. OSD – CPIO

Reversal of Input Tax Credit U/S 10 of the DVAT Act, 2004 in respect of Credit Note/Debit Note related to discounts

1.   Under Section 10(1) of the DVAT Act, 2004, where any purchaser has been issued with a credit note or debit note in terms of section 51 of this Act or if he returns or rejects goods purchased, as a consequence of which the tax credit claimed by him in any tax period in respect of which the purchase of goods relates, becomes short or excess, he shall compensate such short or excess by adjusting the amount of the tax credit allowed to him in the tax period in which the credit note or debit note has been issued. 

Note for General procedure in Excise-Taxation-IPCC

 These are brief note on Small scale unit and general procedure under Excise Law for IPCC student who are going to appear in Nov-2014. 

write to us at  "ckbclasses@gmail.com" if you want PDF file of notes for your reference & preparation of the examination.

Please find below complete note:-

Change in new Form 3CD of Tax Audit report under Section 44AB

Central Board of Direct Taxes ‘CBDT’ has recently withdrawn the old format of Form 3CD (i.e. Annexure of Tax Audit report under section 44AB of the Income tax Act 1961) and introduced new Format in which some changes have been incorporated. Here I have made an effort to enlist the changes which have to be additionally reported while preparing the Tax Audit Report:

Due date for filing Tax audit report U/S 44AB Extended

CBDT extended due date for furnishing Tax Audit report u/s 44AB of the Income Tax Act, 1961 for AY 2014-15 from 30.09.2014 to 30.11.2014 in case of assessees who are not required to furnish report under section 92E of the Act

No CENVAT Credit for Invoice if old for more than Six months

As per amended rule 4 of the CENVAT Credit Rules , 2004, now manufacturer of a final product or provider of output service need to take cenvat credit within SIX months from the date  of  issue of any documents as specified in sub rule (1) of rule 9 of the CENVAT Credit Rules.

  As per Rule 9(1) of the CENVAT credit rules , following documents are eligible to take cenvat credit:-

Extension of due date of filing Return -Delhi VAT

Due date of Filing quarterly return has been further extended up to 19th August 2014 from 8th August 2014 for the quarter ending on 30th June 2014.

F’ Form requirement – Jobwork and goods Returned

The presumptions in law have very vital role and legislature has power to presume certain things under certain circumstances.

Section 6-A of the Central Sales Tax Act,1956 is exercise of such power by the Parliament of India.

The section was inserted in Central Sales Tax Act by CST (Amendment Act) 1972 with the following object