Loading...

⚠ ✕
❮ Top
☎ Help
☰
GST ▸
Central GST ▸
Integrated GST + ▸
UTGST / SGST ▸
GST Case Laws + ▸
Income Tax ▸
Income Tax ▸
Allied (Direct Tax) ▸
Income Tax Case Laws ▸
DTAA ▸
International Taxation ▸
Customs ▸
Customs Act / Rules ▸
Notifications / Forms ▸
Circulars / Tariff ▸
Case Laws / Manual ▸
FTP/SEZ ▸
Foreign Trade ▸
Notifications / Circulars / Appendix / Forms ▸
Special Economic Zone (SEZ) ▸
Corp. Law ▸
Company Laws ▸
Standards / Trusts ▸
Partnership / LLP / Societies ▸
Case Laws ▸
FEMA ▸
FEMA / FCRA ▸
Notifications / Circulars ▸
Manual / FAQ ▸
FEMA Case Laws ▸
SEBI / IBC ▸
SEBI ▸
SEBI Case Laws ▸
IBC ▸
IBC - Case Laws ▸
PMLA ▸
Benami Property ▸
Black Money ▸
Money Laundering ▸
Vivad ▸
Direct Tax ▸
Indirect Taxes ▸
Indian Laws ▸
Indian Laws ▸
Bharatiya Nyaya 2023 ▸
Finance Acts & Bills / Amendment Acts ▸
Case Laws ▸
Labour Laws ▸
Labour Code ▸
Old / Others ▸
Central Excise ▸
Central Excise - Cases ▸
Wealth Tax ▸
Service Tax ▸
Service Tax Cases ▸
CST / DVAT ▸
CST / VAT / Sales Tax ▸
×

By creating an account you can:

Logo TaxTMI
Keyword Search :
AI Tools : New
Ask tax questions in natural language. Powered by AI trained on the TaxTMI legal database. Use AI Tools ➞
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
    6. Text Search
  6. The system will try to fetch results that contains ALL your words.
  7. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
    8. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Law:
---- All Laws---- ❯
  • ---- All Laws----
  • Benami Property
  • Bill
  • Central Excise
  • Companies Law
  • Customs
  • DGFT
  • FEMA
  • GST
  • GST - States
  • IBC
  • Income Tax
  • Indian Laws
  • Money Laundering
  • SEBI
  • SEZ
  • Service Tax
  • VAT / Sales Tax
Types:
---- All Types ---- ❯
  • ---- All Types ----
  • Act Rules
  • Case Laws
  • Circulars
  • Manuals
  • News
  • Notifications
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Manuals Income Tax
    Whether it is required to disclose a change in the accounting policies if it has no material effect ...
    Manuals Income Tax
    ICDS-I provides that an accounting policy shall not be changed without ’reasonable cause’. The t...
    Manuals Income Tax
    Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.
    Manuals Income Tax
    When does an assessee is required to make disclosures of fundamental accounting assumptions as per I...
    Manuals Income Tax
    What is the scope of Going Concern as per ICDS I.
    Manuals Income Tax
    ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific discl...
    Manuals Income Tax
    In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, wh...
    Manuals Income Tax
    Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation a...
    Manuals Income Tax
    When can a provision be recognized as per ICDS X.
    Manuals Income Tax
    What is the impact of ICDS X containing transitional provisions.
    Manuals Income Tax
    Under ICDS X, whether reversal of an asset and the related income would mean that the entry which wa...
    Manuals Income Tax
    Can any expenditure should set off against a provision recognised for another expendiure.
    Manuals Income Tax
    Expenditure on post-retirement benefits like provident fund, gratuity, etc. are covered by specific ...
    Manuals Income Tax
    What is the manner of recording the borrowing costs.
    Manuals Income Tax
    What are the activities necessary to prepare inventory for its intended sale as per ICDS IX.
    Manuals Income Tax
    There are specific provisions in the Act read with Rules under which a portion of borrowing cos...
    Manuals Income Tax
    How to allocate borrowing costs relating to general borrowing as computed in accordance with formula...
    Manuals Income Tax
    Under ICDS IX does borrowing cost include exchange differences arising from foreign currency borrowi...
    Manuals Income Tax
    Whether bill discounting charges and other similar charges would fall under the definition of borrow...
    Manuals Income Tax
    Which are the borrowing costs covered by ICDS IX.
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

Open Link
Notes
All › Income Tax
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
Manuals Income Tax
Whether it is required to disclose a change in the accounting policies if it has no material effect ...
Show AI Summary
Accounting policy change disclosure required when future material effect is expected; disclose at adoption and when it first becomes material.
Change in accounting policies that has no material effect in the current previous year but is reasonably expected to have material effect later must be disclosed: (a) in the previous year in which the change is adopted; and (b) in the previous year in which the change has material effect for the first time.
Manuals Income Tax
ICDS-I provides that an accounting policy shall not be changed without ’reasonable cause’. The t...
Show AI Summary
Change in accounting policy: permitted only for reasonable cause and where AS 5 requires it or improves financial presentation.
A change in accounting policy will be treated as reasonable if it meets the criterion established by AS 5: the change is permissible only where it is required by statute, necessary for compliance with an accounting standard, or results in a more appropriate presentation of the enterprise's financial statements.
Manuals Income Tax
Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.
Show AI Summary
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...
Show AI Summary
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.
Show AI Summary
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...
Show AI Summary
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...
Show AI Summary
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...
Show AI Summary
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.
Show AI Summary
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.
Show AI Summary
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...
Show AI Summary
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.
Show AI Summary
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 ...
Show AI Summary
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.
Show AI Summary
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.

TMI Notes

All › Income Tax
Back

All TMI Notes

Showing Results for :
Reset Filters
No Records Found

TMI Notes

Home › TMI Notes › Income Tax › Notifications › Category › This
Back

All TMI Notes

Income Tax

Manner of disposal of application for advance ruling under Income Tax Act, 1961

13 June, 2023

Contents
Notifications
Acts
Rules & Regulations
Summary
Note

Note

-

Bookmark

Print

Print

Print Options

Notification No. 38/2023 - Dated: 12-6-2023 - Manner of disposal of application for advance ruling - In case difference of opinion between the members, decision will be taken by Majority with the help of Third Member - e-advance rulings (Amendment) Scheme, 2023

Section 245R 

- The Ministry of Finance has issued a notification regarding amendments to the e-advance rulings Scheme, 2022.
- The Scheme is now called the e-advance rulings (Amendment) Scheme, 2023.
- The amendments come into effect from the date of publication in the Official Gazette.
- In paragraph 6 of the e-advance rulings Scheme, 2022, clause (iv) is replaced with new clauses.
- The Board for Advance Rulings will consider the response and provide an opportunity of being heard to the applicant through video conferencing or video telephony.
- The advance ruling on the specified question will be pronounced and sent to the applicant and the relevant authority.
- If the Members of a Board for Advance Rulings have differing opinions on any point, it will be referred to the Principal Chief Commissioner of Income-tax (International Taxation).
- The Principal Chief Commissioner will nominate one Member from another Board for Advance Rulings, and the majority opinion will prevail in deciding the point or points of disagreement.

 

Full Text:

Notification No. 38/2023 - Dated: 12-6-2023 - Manner of disposal of application for advance ruling - In case difference of opinion between the members, decision will be taken by Majority with the help of Third Member - e-advance rulings (Amendment) Scheme, 2023

Section 245R 

Topics

Acts Income Tax
Next ➔