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Ind AS requires valuation as per Ind AS 113

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Ind AS is required to be Implemented by an expert

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Ind AS is a futuristic accounting standard

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Major Amendments in Income Tax applicable for A.Y. 2018-19

The Finance Act 2017 had made several changes last year in Income Tax Act and rules which became applicable from FY 2016-17 ( AY 2017-18). Compilation of some of the amendments are given below for your reference.

  1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
  2.  No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
  3. For below Rs. 2 crores turnover cases - For Non cash sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/ Gross Receipt. It is 8% For Cash Sales.
  4. Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).