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MENTOR

ACCOUNTING STANDARDS: Dimensions of ‘de facto’ control
Can an entity be consolidated when the ‘parent’ has the ability in practice, but not the legal right to exercise control over the entity? For example, Entity A owns 40 per cent of the voting power in Entity B and the remaining 60 ...

INCOME TAX: FBT on medical reimbursement?
Is fringe benefit tax (FBT) payable by an employer on the tax-free medical reimbursements or hospital expenses he pays on his employees and ...

TAXATION: Can loss of advance payment be treated as capital loss?
Loss of advance paid towards capital asset acquisition: I wanted to buy a vacant land and made advance payment of Rs 1 lakh to the vendor. The sale agreement prescribed three months for payment of the balance of the ...

PEOPLE: 60 Seconds Chief
...

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