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    Manuals Income Tax
    Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.
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Manuals Income Tax
Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.
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Mark-to-market loss recognition barred under ICDS, allowed only if another ICDS or tax law permits.
Mark-to-market and expected losses are not recognised under ICDS I unless another ICDS permits such recognition; the Accounting Standards Committee held that because anticipated profits are not recognised, parity requires that expected or mark-to-market losses also be excluded, while established tax-law precedent allows deduction for exchange fluctuation losses arising on revenue-purpose borrowings.
Manuals Income Tax
When does an assessee is required to make disclosures of fundamental accounting assumptions as per I...
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Disclosure of fundamental accounting assumptions required when Going Concern, Consistency or Accrual are not followed in tax reporting.
ICDS I requires that where the Going Concern, Consistency and Accrual assumptions are followed no specific disclosure is required, but any departure from these fundamental accounting assumptions must be disclosed; the revised tax audit reporting format provides columns to record such disclosures.
Manuals Income Tax
What is the scope of Going Concern as per ICDS I.
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Going concern assumption affects income computation and disclosure, requiring a different measurement basis if materially impinged.
Going concern is the assumption that an assessee will continue operations and has no intent or necessity to liquidate or materially curtail business; it underpins periodic income computation and financial statements and applies in the absence of contrary information. Material uncertainties that cast doubt on going concern may impinge this assumption. ICDS I does not specify computation methods when going concern is not met; absent such mandate an assessee may follow the Framework for the Preparation and Presentation of Financial Statements and prepare statements on a different basis, affecting recognition, measurement and disclosure.
Manuals Income Tax
ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific discl...
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ICDS disclosure requirements must be reported in tax audit reports and reflected in amended income tax return schedules.
ICDS require disclosure of accounting policies and ICDS adjustments; the net effect must be disclosed in the Return of Income. Disclosures required under ICDS shall be made in the tax audit report in Form 3CD for taxpayers subject to tax audit, and no separate disclosure regime exists for those not liable to tax audit; return forms were amended to include a schedule ICDS.
Manuals Income Tax
In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, wh...
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ICDS supremacy - where ICDS conflicts with CBDT circulars or press releases, the ICDS treatment prevails.
Where ICDS provisions conflict with earlier CBDT circulars or press releases, the later ICDS provisions prevail for the period after they take effect; CBDT circulars and press releases are interpretative guidance binding on tax officers but not on taxpayers.
Manuals Income Tax
Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation a...
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DTAA supremacy: ICDS governs income computation when the treaty is silent, non-conflicting, or specifies only tax rate.
ICDS apply to non-residents claiming DTAA benefits only where the DTAA is silent, where there is no conflict between ICDS computation and treaty treatment, where the income falls outside the DTAA's scope, or where the DTAA fixes a tax rate but does not prescribe the method of computing the income, in which case ICDS governs computation.
Manuals Income Tax
When can a provision be recognized as per ICDS X.
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Recognition of provisions under ICDS X requires a present obligation, probable outflow of resources, and a reliable estimate.
Recognition of a provision under ICDS X requires a present obligation from a past event, a reasonably certain outflow of resources to settle the obligation, and a reliable estimate of the obligation amount; routine future operating costs must not be recognised as provisions.
Manuals Income Tax
What is the impact of ICDS X containing transitional provisions.
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Transitional provisions for ICDS X ensure recognition of provisions and contingent items to prevent double taxation or omission.
Transitional recognition under ICDS X requires that provisions, contingent liabilities and contingent assets and related income be recognised for previous years commencing on or after 1 April 2016 in accordance with this standard, after taking into account any amount recognised for the same items for previous years ending on or before 31 March 2016; the rule aims to prevent double taxation or omission of income.
Manuals Income Tax
Under ICDS X, whether reversal of an asset and the related income would mean that the entry which wa...
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Supremacy of tax law: reversal of an ICDS-recognised asset must follow tax deduction rules, permitting write-off as bad debt.
Reversal of an asset and related income recognised under ICDS X must conform to the Income-tax Act where conflicts arise; the Act's tax-deduction treatment applies, allowing write-off as a bad debt rather than simply reversing the original accounting recognition entry.
Manuals Income Tax
Can any expenditure should set off against a provision recognised for another expendiure.
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Set-off of provisions: expenditures may be set off only against the original provision, not provisions for different purposes.
Under ICDS X, expenditures must be set off only against the original provision for which they were recognised; expenditures cannot be offset against provisions recognised for a different event or purpose, as that would conceal the separate financial effects of distinct events and undermine transparent disclosure of provisions, contingent liabilities and contingent assets.
Manuals Income Tax
Expenditure on post-retirement benefits like provident fund, gratuity, etc. are covered by specific ...
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Employee post retirement benefit provisioning excluded from ICDS X, governed by specific statutory provisions for income computation.
Provisioning for employee post retirement benefits covered by AS 15 shall continue to be governed by specific provisions of the Act and are not dealt with by ICDS X; ICDS X does not apply to liabilities otherwise falling within AS 15.
Manuals Income Tax
What is the manner of recording the borrowing costs.
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Borrowing costs capitalization requires capitalizing interest for qualifying assets; inventory only when production is prolonged.
Borrowing costs directly attributable to acquisition, construction or production of tangible and intangible assets must be capitalized as part of the asset cost. Inventory borrowing costs are capitalized only when the inventory requires an extended period to become saleable. Specific borrowings for a qualifying asset require capitalization of actual borrowing costs incurred during the qualifying period. For general borrowings, a formulaic allocation apportions borrowing costs to qualifying assets based on the ratio of qualifying assets to total assets.
Manuals Income Tax
What are the activities necessary to prepare inventory for its intended sale as per ICDS IX.
Show AI Summary
Inventory preparation processes define activities included in inventory cost when making goods fit and saleable under accounting standards.
Activities necessary to prepare inventory for its intended sale include all processes required to make inventory functional for its intended use and to render it saleable, notably quality control to verify fitness for use and primary packing where goods are normally sold in packed condition.
Manuals Income Tax
There are specific provisions in the Act read with Rules under which a portion of borrowing cos...
Show AI Summary
Borrowing cost capitalization must exclude portions disallowed by specific statutory provisions, only allowable amounts may be capitalised.
Borrowing costs capitalised under ICDS IX must exclude amounts disallowed by specific provisions of the Act; only the portion of borrowing cost that remains allowable under the Act may be capitalised, because specific statutory disallowances override ICDS treatment.
Manuals Income Tax
How to allocate borrowing costs relating to general borrowing as computed in accordance with formula...
Show AI Summary
Capitalization of borrowing costs: general borrowing must be allocated to qualifying assets and capitalized on an asset-by-asset basis.
General borrowing costs computed under the ICDS-IX formula must be apportioned among qualifying assets and capitalized on an asset-by-asset basis, so that each qualifying asset's capitalized borrowing cost reflects its proportionate share of general borrowing under the standard.
Manuals Income Tax
Under ICDS IX does borrowing cost include exchange differences arising from foreign currency borrowi...
Show AI Summary
Exchange differences excluded from borrowing costs under ICDS IX; foreign exchange effects governed by ICDS VI.
Exchange differences from foreign currency borrowings that are treated as adjustments to interest are excluded from borrowing costs under ICDS IX; the effects of changes in foreign exchange rates, including those relating to interest, are governed by ICDS VI.
Manuals Income Tax
Whether bill discounting charges and other similar charges would fall under the definition of borrow...
Show AI Summary
Borrowing cost: bill discounting and similar charges treated as borrowing cost, except when not tied to borrowed funds.
The definition of borrowing cost is inclusive and generally covers bill discounting charges and similar charges as borrowing cost for income computation and disclosure; however, discounting charges that do not arise from borrowing funds are excluded from that definition.
Manuals Income Tax
Which are the borrowing costs covered by ICDS IX.
Show AI Summary
Borrowing costs include interest and related charges such as commitment charges, amortised discount and finance lease charges.
Borrowing costs under ICDS IX comprise interest and other costs incurred in connection with borrowing funds, including commitment charges, amortised discount or premium, amortised ancillary costs in arranging borrowings, and finance charges for assets taken on finance lease.
Manuals Income Tax
What is the manner in which securities held as stock-in-trade are required to be valued.
Show AI Summary
Valuation of securities as stock-in-trade: mandatorily at lower of actual cost and net realizable value.
Securities held as stock-in-trade must be valued at the lower of actual cost initially recognized and net realizable value at year-end. Unlisted or unquoted securities held as stock-in-trade are to be measured at actual cost as initially recognized, under the income computation and disclosure standards framework.
Manuals Income Tax
Para 9 of ICDS-VIII on securities requires securities held as stock-in-trade shall be valued at actu...
Show AI Summary
Valuation of securities: aggregate category wise cost compared with net realisable value, lower amount taken as carrying value.
For subsequent measurement under ICDS VIII, securities held as stock in trade are aggregated category wise; for each category the aggregate cost and aggregate net realisable value are compared, and the lower of the two is taken as the carrying value.

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Income Tax

Modes of filing of ITR: Amendments to Rule 12 of the Income Tax Rules 1962

1 February, 2024

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Notification No. 19/2024 - Dated: 31-1-2024 - Income-tax (Amendment ) Rules, 2024

The notification outlines amendments to the Income-tax Rules 1962, specifically relating to rule 12 in sub-rule (3), detailing the conditions and manners for individuals and Hindu Undivided Families (HUFs) to furnish their income tax returns. Key points include:

  • Mandatory Electronic Filing: Individuals or HUFs whose accounts require auditing under section 44AB must file their returns electronically, either with a (A) digital signature or (B) through electronic verification.
  • Special Provisions for Seniors: Individuals aged 80 years or more can file returns in specific forms (SAHAJ or SUGAM) either with (A) digital signature or (B) through electronically with verification code or (C) through electronically and thereafter submitting the
    verification of the return in Form ITR-V; or (D) in paper form.
  • General Filing Options: Other cases allow for electronic filing with (A) digital signatures, (B) electronic data transmission with verification code, or (C) through electronically and thereafter submitting the verification of the return in Form ITR-V.

This amendment aims to streamline tax return processes, enhancing security and efficiency through digital means while accommodating seniors with flexible filing options.

Further this notification has substituted the Forms for filing of income tax return namely ITR-1, ITR-3 and ITR-5.

 

Full Text:

Notification No. 19/2024 - Dated: 31-1-2024 - Income-tax (Amendment ) Rules, 2024

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Acts Income Tax
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