Question { Shriram, 190082 }

How many accounting standards in india

Answer

ACTUALLY ICIAI HAS ISSUED 32 ACCOUNTING STANDARDS.BUT AS-8
(R&D) HAS MERGED WITH AS-26(INTANGIBLE ASSETS).
HOW EVER PRSENTLY 29 ACCOUNTING STANDARDS HAS BEEN IN
PRACTISE.AND ALL THESE 29 STANDARDS SHOULD BE FOLLOWED BY
LEVEL-1 COMPANIES.
SO WE CAN SAY 29 STANDARDS HAVE BEEN IN PRACTISE AND TOTAL
NUMBER OF STANDRDS IS 31.........

Question { Shriram, 190082 }

How many accounting standards in india

Answer

the institute of chartered accountants of india has been
issued 32 accounting standards till now.
however AS-8 has been merged with AS-26.and AS-32 has been
merged with AS-31. so now presently 30 accounting standards
are there. out of that only 29 standards are in
practice.i.e..,AS1 to AS29
so,the total number of standards in force are 29 standards.
so please make a note of it.

Question { 5247 }

IF the turnover of assessee is below Rs 50 lacs but profit
declared is less than 5% of turnover . IS he subject to tax
audit?

Answer

AS PER INCOME TAX ACT-1961 ,TAX AUDIT U/S 44AB IS APPLICABLE
ONLY WHEN THE TURNOVER OF THE ASSESSEE EXCEEDS 60LAKS
AND IF THE ASSESEE IS CHOOSE TO DECLARE HIS INCOME UNDER
PRESUMPTIVE TAXATION I.E., UNDER 44AD/44AE.....THE TURNOVER
SHOULD BE LESS THAN 60 LAKS
SO IN THE GIVEN QUESTION THE TURNOVER IS 50 LAKS.SO HE IS
EXEMPTED FROM 44AB.
AND HE CAN DECLARE LOWER INCOME THAN UNDER 44AE/44AD WITH
REQUIRED INFORMATION SA SPECIFIED UNDER THE ACT.