Step 1: Identify the contract with the customer Step 2: Identify the performance Obligations within the contract Step 3: Determine the transaction price Step4: Allocate the transaction price to the performance obligation in the contract Step 5: identify the revenue when (or as) the performance obligation is being satisfied. A simple example which elaborates this… Continue reading 5 step model for revenue recognition (IFRS 15)
Author: Antony Jose Manjaly
Section 43B(h) of Income Tax Act
The Finance Act 2023 inserted Section 43B(h), which stipulates that any sum owed to Micro and Small enterprises for goods supplied or services given may be deducted in the same year if it is paid within the deadline stipulated by the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. This amendment aims to address the issue of working capital scarcity in… Continue reading Section 43B(h) of Income Tax Act