.
01.
Taxpayer not provided any time to adjust
with the new system. It applied immediately.
02.
Advance tax for FY 2015-16 required to
be computed on the basis of profit under TAS.
03.
Provision of Warranty not covered under
contingent liability.
04.
Builder is not a contractor but now forced
to follow percentage completion method.
05.
It is now difficult to decide whether a
software is a product or a service.
06.
Purchase on credit terms – IND AS needs segregation
but TAX is silent.
07.
Accounting of Termination of contract
not covered under TAS.
08.
Non integral forex operation required to
be considered in profit & loss a/c.
09.
Forex swap now no more a settlement.
10.
Capital government grants now required to be considered in
Income.
11.
Interest capitilsation of borrowing cost is now a complex process.
12.
Requires to recognize contingent assets.
13.
Applicability of percentage completion
method applied to IT & ITES services.
14.
In case of conflict – Income tax act
prevails over TAS.
15.
Gross revenue/ expenditure required to
be reported . The same become problem
for people who deals in share trading.
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