A new Chapter XII-BA under the Income Tax Act 1961 is being introduced which provides for levy of Alternate Minimum Tax @ 18.5% on the adjusted total income of Limited Liability Partnerships.
With the introduction and growth of reporting in the XBRL format, there will be a greater need for CAs to participate in the development with respect to XBRL implementation.
XBRL stands for eXtensible Business Reporting Language. It is a more advanced form of XML (which is already being used by the IT Department. Find out all you need to know about XBRL…