Taxmann Professionals

Think in the 1961 Act—Find It in the 2025 Act. The Flagship Direct Tax Commentary, Entirely Reconstructed Around the Income-tax Act 2025 & the Income-tax Rules 2026—with Every Provision Carrying Its 1961 Antecedent in Brackets Alongside, Featuring: ▸ Section-wise Cross-Referencer of Old & New Provisions—Every 1961 Provision Mapped to Its 2025 Counterpart and to the Paragraph Discussing It, in Both Directions ▸ Amendments at a Glance—85 Items in Three Parts across 50+ Pages, the 2026 Rules Presented in Before-and-After Tables ▸ Theoretical Discussion Supplemented by 600+ Case Studies—More than 450 Citable by Identifier, 445 Worked to a Full Computation ▸ Two Research Digests—384 Pages of CBDT Circulars & Landmark Rulings, with the Status of Special Leave Petitions Recorded ▸ Route-Map Tables & Tax Planning Hints—A 250-Page Chapter Surveyed in Two; Six Chapters Closing on a Planning Paragraph ▸ Ready Reckoners—Tax Rates with a Sixteen-Step Computation Format & the Complete Rates of Depreciation

#Accounting #Opinion Ind AS 118 seeks to strengthen financial reporting by focusing on how financial information is communicated to users. It moves beyond the general presentation approach of Ind AS 1 and places greater emphasis on structured summaries, materiality, consistency and meaningful disclosure. This article explains the foundational principles of Ind AS 118, including the role of primary financial statements, notes, useful structured summaries, comparative information and the third balance sheet requirement. ‣ 𝐏𝐫𝐢𝐦𝐚𝐫𝐲 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬 – Why these statements provide structured summaries of recognised assets, liabilities, equity, income, expenses and cash flows ‣ 𝐍𝐨𝐭𝐞𝐬 𝐭𝐨 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬 – How notes provide material details and disaggregation needed to understand line items ‣ 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐢𝐭𝐲 – Why not every prescribed presentation or disclosure needs to be separately provided if it is not material