1. Amendment in Computation Mechanism of Secondary adjustment F. No. 370142/12/2017-TPLdated 19thJune, 2018 

Background - Rule 10CB of the Income-tax Rules, 1962 (‘the Rules’) was inserted vide Notification No. GSR 590(E) dated 15th June, 2017. Under sub-rule (1) of the said rule 10CB, a uniform time limit of 90 days, starting from different dates, is prescribed for repatriation of excess money. This is done in order to provide uniform treatment in respect of the different types/situations of primary adjustments specified under sub-section (1) of section 92CE.

Read more: TP Updates 2018

Key Topics Covered:

• INCOME TAX
• GST
• AUDIT..

This article is contributed by Partners of SBS and Company LLP – Chartered Accountant Company You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

Key Topics Covered:

• AUDIT
• INDIRECT TAX
• DIRECT TAX
• FEMA

This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

The Ministry of Corporate Affairs (MCA), on 28 March 2018, notified Ind AS 115, Revenue from Contracts with Customers (which is based on IFRS 15, Revenue from Contracts with Customers) as part of the Companies (Indian Accounting Standards) Amendment Rules, 2018. 

The new standard is effective for accounting periods beginning on or after 1 April 2018, thus aligning the Ind AS 115 applicability date with the IFRS applicability date i.e. 1 January 2018.

Ind AS 115 replaces existing revenue recognition standards Ind AS 11, Construction Contracts and Ind AS 18, Revenue and revised guidance note of the Institute of Chartered Accountants of India (ICAI) on Accounting for Real Estate Transactions for Ind AS entities issued in 2016.

Read more: IND AS 115 - Revenue from Contracts