NEW INDIAN ACCOUNTING STANDARD (IND AS-116 LEASES)

The New Lease Indian Accounting Standard "IND AS- 116- Leases" is set to role out and be applicable from 1st April 2019. 

Indian Accounting Standard 116, sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. This information gives a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of the entity.

To read draft exposure as issued by The ICAI, Click here.

THE COMPANIES (AMENDMENT) ACT, 2017

The Companies (Amendment) Act, 2017 has received assent of the President and the same has been published in the Official Gazette on 3rd January, 2018. The amendments shall come into force from such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act.

Through this Amendment Act, 2017 various provisions related to private placement, Appointment of auditor, loan and guarantee, managerial remuneration, board report, maintenance of registered office, annual return under the Companies Act, 2013 has been amended.

For Amendment Act, click on the Link

NEW APPLICATION FORM FOR CERTIFICATE OF DEDUCTION/ COLLECTION OF TAX AT LOWER RATES U/S 197 AND U/S 206C

The Central Board of Direct Taxes through Income-tax (Eleventh Ammendment) Rules, 2018 vide notification no. 74/2018 dated 25-10-2018 has notified new application forms under Rule no. 28 for application for certificate of deduction of tax at lower rate, Rule no. 28AA for certificate for deduction at lower rates or no dedcution of tax  from income other than dividends, Rule no. 28AB for certificate of no deduction of tax in case of certain entities.

To read notification, Click here.