CPT V24P7-Art1 (Content).pmd - Taxmann

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Company Law parties. The mere existence of the relationship may have an affect on operating result and financial position of the company which may cause loss to the investors who are different from management. Therefore, the company must disclose the related party relationships and 700 August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 80 their transactions as per applicable provisions in a fair manner, so that the investors are assured about transactions on arm’s length basis. Such assurances shall encourage growth of capital in present uncertain corporate sector scenario. •••
Disclosure of Borrowings under Revised Schedule VI INTRODUCTION ACCOUNTS & AUDIT CA VINAYAK PAI V 1. Revised schedule VI is a qualitative improvement in presentation and disclosure requirements of financial statements. While India still does not have a mandated accounting standard for accounting of financial liabilities, disclosures in the area of borrowings have been improved to a great extent under revised Schedule VI vis-à-vis its predecessor version. This article analyses the key requirements of the revised Schedule VI with respect to disclosures of borrowings, relevant guidance provided by the Institute of Chartered Accountants of India (ICAI) on revised Schedule VI implementation by way of a Guidance Note and an FAQ statement and case studies from published financial statements. REVISED SCHEDULE VI REQUIREMENTS 2. Borrowings are required to be presented under three broad categories in the balance sheet under revised Schedule VI as follows: Non-current liabilities Long-term borrowings Current liabilities Short-term borrowings Other current liabilities The requirements of Schedule VI with respect to disclosure of borrowings is discussed hereinbelow. August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 81 701
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August 1 to 15, 2012 u TAXMANN’S
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Accounts & Audit 701 707 FOUNDER ED
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INTRODUCTION Vodafone story - 1. On
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and the capital gains on transfer o
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used to introduce new rules of law,
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for earning tax exempt income. Howe
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of the hearing before the Tribunal
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(P.) Ltd.’s (supra) before the IT
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the ITAT Rules, 1946, vis-à-vis th
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Two recent instances of such practi
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ut CIT(A) are not bothered by any s
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say, twice the latter amount or mor
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Taxing the Expenditure on Litigatio
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PENALTY CHARGES FOR BREACH OF LAW C
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Page 37 and 38: Court and if such party is still ag
Page 39 and 40: of the Act. It will not apply to de
Page 41 and 42: ank. It follows that if the amount
Page 43 and 44: This article aims to study various
Page 45 and 46: The true profits of the insurance b
Page 47 and 48: expenditure or allowance which is n
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Page 51 and 52: 48. General Insurance Corpn. of Ind
Page 53 and 54: of income as declared by the assess
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Page 59 and 60: ground not raised earlier in appeal
Page 61 and 62: As per section 145 of the IT Act bu
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Page 71 and 72: (c) Lease rental shall be paid at t
Page 73 and 74: of the above definition, the assess
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Page 79 and 80: or any form in which such Director
Page 81: invests in a fair manner. Generally
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Page 87 and 88: 5.1.3 Maturity profile of unsecured
Page 89 and 90: ACCOUNTS & AUDIT IN BRIEF A Fortnig
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Page 93 and 94: 8.2 Summary - IESBA has released th
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