Relaxations were given in Accounting Standard 11 (AS-11) on “The Effects of Changes in Foreign Exchange Rates
FAQ on AS 11 by MCA
by 
Shaleen Shah
Shaleen Shah 
Latest from Blog
Family Trusts as a tool for Business Succession Planning
Family trusts in India are an essential tool for wealth management, succession planning, and asset protection within families. Family Trusts can also help senior citizens and their NRI children manage properties in India. Amara Raja Energy & Mobility is the latest to opt for the increasingly popular family trust route
Income Tax deduction for procurements from MSMEs only upon actual payment
By Shaleen Shah | LinkedIn, assisted by Divyansh Jain Introduction This Note is relevant to computation of income under the head ‘Income from business and profession’. Section 43B of the Income Tax Act provides a list of expenses allowed as deduction, on cash basis irrespective of the year of accounting.
Foreign companies may be required to file Tax Returns in India
by Nexdigm Private Limited as published on mondaq.com Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws1, payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of
How Cryptocurrencies Are Taxed In India
[Source: forbes.com; Authors: Justin M Bharucha, Aashika Jain] Cryptocurrencies and non-fungible tokens (NFTs) are presently unregulated in India. While the Reserve Bank of India (RBI) had sought to ban cryptocurrencies in 2018, the Supreme Court quashed the attempted ban leaving cryptocurrencies in regulatory limbo – neither illegal nor, strictly speaking,
Constitution Of The GST Appellate Tribunal – Need For Speedy Judicial Remedy
[Source: www.mondaq.com; Author: Smita Singh, Singh & Associates] Ambiguity and delay in any dispute resolution mechanism is undesirable for any system including taxation. Ever since the introduction of GST more than four years ago, we have seen a steep rise in litigation mainly due to the reason of ambiguous legal