Regulatory updates

ICAI publications

Updates from ICAI publications

Back

ICAI has issued the 41st volume of the compendium of opinions issued by the Expert Advisory Committee (EAC) (Volume XLI). It contains opinions finalised between 12 February 2021 and 31 October 2021. Some of the key issues include:

  • Treatment of investments in subsidiaries/associates held through policyholders' funds,
  • Accounting treatment for backstopping arrangement for Compulsorily Convertible Debentures (CCDs),
  • Accounting treatment of construction of facilities for import of additional requirement of power,
  • Accounting treatment in the company’s standalone financial statements for the corporate guarantee (deed of guarantee) issued by the company being parent company to banks/suppliers/service providers on behalf of its step-down subsidiary company,
  • Accounting treatment of expenditure incurred on the assets not owned by the company, and
  • Classification of business activity as an operating activity or investing activity
To access the publication, please click here

Section 44AB of the Income-tax Act, 1961 contains provisions pertaining to the tax audit under the Income Tax Audit, 1961. A tax audit is an examination of a taxpayer’s books of account and other relevant records. The examination is conducted to ensure that during the tax audit, the person responsible for issuing the tax audit report is expected to verify the financial statements based on which income computation is based are true and fair and particulars furnished in form No. 3CD are true and correct.

There have been substantial changes in provisions of law and clauses included in the particulars to be furnished in the Form No. 3CD since the last publication.

The ICAI issued a revised Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961.

To access the publication, please click here

Our Insights

Tools and Enablers
Resources
Events and Webinars
Sectoral Insights

Reach out to us

;