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Accounting Standards In India Overview

Accounting standards are the standards developed for reporting the financial transactions. It specifies how
transactions & other events are recognized, measured, presented & recognized in financial statements. The main aim of such standards is to provide financial information to creditors, lenders, investors, contributors and other persons so that they can make correct decisions in future after checking company’s financial position. It is issued by accounting standard board (ASB). SS Auditors gives you valuable advice on Indian accounting standards (INDAS), International financial reporting standards (IFRS) and other accounting standards as well as helps you in correct reporting of financial transactions.

IFRS means international financial reporting standards developed by IFRS foundation and international
accounting standards board so that company accounts are understandable and comparable across international boundaries with the main purpose of making a common global language for business affairs. IFRS is adopted by 110+ countries and many more countries are also shifting towards it. IFRS gives clear instructions that how to


Indian Accounting Standards (IND-AS)

Indian accounting standards are the standards adopted by companies in India and issued by accounting
standards board committee under institute of chartered accountants of India (ICAI). The committee includes representatives from government department, academicians & other professional bodies.
Prior adopting the Indian accounting standards (IND-AS), India was following accounting standards from
generally accepted accounting principles known as IGAAP. A company needs to follow IND-AS either
voluntarily or mandatorily. Once a company opt a method of Indian-AS either voluntarily or mandatorily,
they can’t select the previous accounting method. Every company has to follow the Indian-AS method
mandatorily if the net worth of every listed company is 500 crores or above. SS Auditors helps you by giving
detailed overview of Indian accounting standards and advices you why it is important for you and in
reporting of financial transactions.

International Financial Reporting Standards (IFRS)

IFRS means international financial reporting standards developed by IFRS foundation and international
accounting standards board so that company accounts are understandable and comparable across international boundaries with the main purpose of making a common global language for business affairs. IFRS is adopted by 110+ countries and many more countries are also shifting towards it. IFRS gives clear instructions that how to adopt it for the first time. The companies using IFRS method needs to prepare the balance sheet & the income statement. SS Auditors helps you by giving detailed overview of international financial reporting standards & advice you why it is important for you and why most of the countries are shifting towards it.

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees

Income Tax Return Overview

Every tax payer has to disclose its income details to the income tax department. These details are furnished when you file your income return. The process of collection & reviewing the tax return information of an individual by the tax department is known as Income tax assessment. When you file your tax return, income tax authority processes the return of income & examines it for its correctness.

Various Forms Of Assessment Income Tax Return In India.

There are various forms of assessment and they are as follows -

SELF-ASSESSMENT

Self-assessment is the process of ling tax return to the income tax department by accumulating the
income details and adjusting the tax amount by availing reliefs such as exemptions & deductions. Self assessment tax must be paid before ling of income tax return.

SUMMARY ASSESSMENT

In summary assessment, the information submitted by an individual is cross-checked against the
information tax department has access to and the correctness of the return is veried by the tax
department. The return gets processed online & small adjustments such as arithmetical errors,
disallowances, incorrect claims are done automatically.

REGULAR ASSESSMENT

The assessment of income tax return is conducted by accessing ocer (AO) not below the rank of an
income tax officer authorized by the income tax department. The purpose of regular assessment is to
ensure that the individual has neither understated the income or overstated any expense or loss or
underpaid any tax. In this case, the intimation has been sent by the tax department to the tax payer
containing information whether he or she has to pay more tax, pay interest or refund is payable by the
tax department.

BEST JUDGEMENT ASSESSMENT

In this case, the assessing officer authorized by the income tax department arrives at a best and honest
decision without being partial to anyone as per income tax law.

INCOME ESCAPING ASSESSMENT

This assessment is carried out when assessing officer catches the tax payer that he or she has evaded tax
and not paid the full amount to the income tax department.

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees

Overview To TDS Certificate

TDS is deducted on the income of an individual and submitted to the income tax department before the
deadline. In some cases, a situation may arise when TDS is being deducted from the income of an
individual but the total tax liability calculated at the end of the year is less than the TDS deducted. In
such cases, it becomes very time consuming for the taxpayer. Firstly, he pays TDS, then it is submitted to
the government and then again TDS refund is claimed by the taxpayer. Therefore, government
introduced section 197 under the income tax act which clearly states that if the tax liability of any individual is less than the amount of TDS deducted, he may file an application for lower or no TDS
deduction to the income tax officer to get certificate. As per section 197, once a certificate is granted,
TDS will be deducted as per the TDS rate mentioned on the certificate.

You have to fill an application for no or less TDS deduction in form 13 of the income tax officer. If your
application is justified and the tax officer is satisfied, he will issue a lower or no TDS deduction certificate
for the same under section 197.

Lower or no TDS deduction certificate is applicable only if certificate has been issued by the income tax
officer in response of the application filled by you in form 13. The certificate should be submitted to the
person who is deducting the TDS. This certificate is required in all cases except where payment is made
on interest on FD or interest on securities as per section 197. Form 15G or 15H is required to be
submitted in case of payment made on interest on FD or securities.

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees

Income Tax Return Filing Overview

31 July 2019 is the last date of filing income tax return for financial year 2018-19. Before filing your tax returns to the income tax department, government gives you 4 months period so that you can organize all your documents such as income details, bank statements, previous tax statements etc. When you accumulate all your income details as well as the documents related to it, it becomes easy for you to file income tax returns. If you will prepare yourself before filing the tax returns, there are less chances of errors and you don’t have to face fines, penalties etc. The procedure of return filing varies for an individual and self-employed person as individual earns income from salary & a self-employed person have a business income.

The following documents mentioned below should be compiled by an individual or a selfemployed person while doing preparations for income tax return –

1. Bank statement
2. Proof of investment & form 16 (certificate issued by employer containing your income details in a
particular financial year)
3. Form 16A/ TDS certificate
4. Tax payment challan such as advance tax or self-assessment tax
5. Property investment proof
6. Documents related to purchase & sale of assets/ investments.
7. Collect the home loan certificate
8. Collect the TDS certificate

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees