India: Accounting and Audit

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Article
Delhi Tribunal’s Double Relief: No Tax On CCPS Reclassification; No Arbitrary Switch From DCF To NAV Can Be Made By AO
Compulsorily Convertible Preference Shares (“CCPS”) are frequently used by companies to raise capital. Whether a mere accounting reclassification of CCPS from borrowings to share capital and securities premium as mandated under Indian Accounting Standards (‘Ind-AS’)— without receipt of any fresh consideration—can trigger taxation under section 56(2)(viib) of the Income-tax Act, 1961 (“the Act”)?
India Accounting
VA
Vaish Associates Advocates
Article
Why Growing GCC Companies Are Moving Beyond Spreadsheet-Based Financial Reporting
For many finance teams, the warning signs are familiar. The month-end close often stretches beyond ten days. Different versions of the same profit and loss statement get shared over email, and no one has a clear idea which is the latest file. A single minor change to a formula in a spreadsheet can disrupt the entire consolidation. By the time someone notices the mistake, it might be too late.
Global Accounting
IMC Group
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Audit

Article
Is Your Accounting Software Actually Ready For Corporate Tax Compliance In The UAE?
Most businesses have become comfortable with UAE corporate tax filing by now.  The deadlines are on the calendar, the forms are familiar, and finance teams are well into the rhythm. What fewer businesses have stopped to check is whether the accounting software they're running can actually keep up with what's coming next.  This includes everything from transfer pricing schedules to the phased rollout of e-invoicing.  This guide explains what that readiness actually looks like for finance directors, SME owners, and compliance officers working through UAE corporate tax compliance right now.
Global Technology
IMC Group
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Accounting Standards

Article
Delhi Tribunal’s Double Relief: No Tax On CCPS Reclassification; No Arbitrary Switch From DCF To NAV Can Be Made By AO
Compulsorily Convertible Preference Shares (“CCPS”) are frequently used by companies to raise capital. Whether a mere accounting reclassification of CCPS from borrowings to share capital and securities premium as mandated under Indian Accounting Standards (‘Ind-AS’)— without receipt of any fresh consideration—can trigger taxation under section 56(2)(viib) of the Income-tax Act, 1961 (“the Act”)?
India Accounting
VA
Vaish Associates Advocates
See more