In February 2012, the Institute of Chartered Accountants of India (ICAI) has issued three important Guidance Notes that have considerable relevance for income-tax practitioners. For the importance of such Guidance Notes in income-tax matters see CIT vs. Virtual Soft Systems Ltd (Delhi High Court)
Guidance Note on Accounting for Real Estate Transactions (Revised 2012) (91.2 KiB, 51,403 hits)
Guidance Note on Accounting for Self- generated Certified Emission Reductions (90.1 KiB, 5,015 hits)
Guidance Note on Accounting for Rate Regulated Activities (98.1 KiB, 3,939 hits)
I AM ATUL KUMAR JAIN
CRO0369220
I PASSED IPCC 1ST GROUP IN NOV.2011
AND SUBMIT ARTICALSHIP ALL DETAIL BUT ITT SERTIFICATE SHOOD BE LETE SUBMIT ACTUALY
APPREIL TO JUNE NO EXAM TAKEN ND DIRECT EXAMM TAKEN BY JULY
SO SENT OTT CERTIFICATE SENT TO JULY …AND MY ARTICALSHIP LATE STRTING ….ND FINAL ATTEMB 6 MONTH SHOUD BE LATE …………..PLASE SUGGETION SIR
Thank You very much….
The GNs, in one’s conviction, should be made a careful note of, and properly and incisively understood, also followed by a CA advising a player in Realty sector. The GNs on the first blush are likely to be taken, rather mistaken to be of a mere guidance value or of relevance only to CAs advising on income tax matters. However, if construed in proper light, it needs to be appreciated that for the purpose of income-tax, so also service tax, et al, it is the accounting data as incorporated, audited and reported on by a CA which is of every relevance and hence looked into, and by and large relied on, by the tax administration for its purposes. As such, it seems to go without having to say that, the GNs need to be kept in view and sharp focus by a CA regardless of his acting as an auditor or a tax auditor or adviser on service tax and any other allied /connected tax matters as well.
As a CA is expected to know, in the recently published Booklet (brought out following,- A Comprehensive Workshop on Real Estate and Property Development organised by the Bangalore Branch of SIRC (available on sale for Rs 1,500) , there have been covered several interesting areas. The PREFACE says the objective of the WORKSHOP was to update one’s knowledge on latest developments on laws, taxation and documentation of “PROPERTY TRANSACTIONS”. In one’s perception, the areas so found specially covered in the Booklet might be of useful help for a CA to clearly understand, in the proper perspective, the true implications of the subject GNs since issued by the ICAI.