Ind AS applies based on company size and listing status. 1. Mandatory Applicability: From April 1, 2016 → Listed & unlisted companies with net worth ₹500 crore+. From April 1, 2017 → All listed companies & unlisted companies with net worth ₹250 crore+. From April 1, 2018 → Banks, NBFCs &Read more
Ind AS applies based on company size and listing status.
1. Mandatory Applicability:
- From April 1, 2016 → Listed & unlisted companies with net worth ₹500 crore+.
- From April 1, 2017 → All listed companies & unlisted companies with net worth ₹250 crore+.
- From April 1, 2018 → Banks, NBFCs & insurance companies with net worth ₹500 crore+.
- From April 1, 2019 → NBFCs with net worth ₹250 crore+.
2. Voluntary Adoption:
- Any company can opt for Ind AS but cannot switch back to old standards.
3. Not Required for:
- Small companies not meeting the above criteria.
- Some banks & insurance companies (Ind AS implementation under discussion).
Net Worth = (Paid-up Share Capital) + (Reserves & Surplus) – (Accumulated Losses) – (Deferred Expenditure Not Written Off)
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The Building & Other Construction Workers’ Welfare Cess (BOCWW Cess) is a levy imposed on the construction costs incurred by employers for building and other construction activities. As per Section 2(1)(d) of the Building and Other Construction Workers (Regulation of Employment and Conditions ofRead more
The Building & Other Construction Workers’ Welfare Cess (BOCWW Cess) is a levy imposed on the construction costs incurred by employers for building and other construction activities.
As per Section 2(1)(d) of the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996, read with Section 2(d) of the Building and Other Construction Workers’ Welfare Cess Act, 1996, the term “building or other construction work” has a broad scope. It includes activities such as construction, alteration, repairs, maintenance, and demolition related to various structures, including buildings, streets, roads, railways, airfields, irrigation systems, drainage works, flood control projects (including stormwater drainage), power generation and distribution, waterworks, oil and gas installations, electric lines, telecommunication networks, dams, canals, tunnels, bridges, pipelines, transmission towers, and cooling towers. The government may also specify additional construction works through notifications. However, it excludes any construction activities covered under the Factories Act, 1948, or the Mines Act, 1952.
The BOCWW Cess is imposed on the total construction cost incurred by employers. As per Sections 3(1) and 3(3) of the Building and Other Construction Workers’ Welfare Cess Act, 1996, along with Notification No. S.O. 2899 dated 26.09.1996, the cess is charged at 1% of the total construction cost.
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