{"id":186104,"date":"2018-02-07T10:08:05","date_gmt":"2018-02-07T04:38:05","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=186104"},"modified":"2018-02-07T10:08:05","modified_gmt":"2018-02-07T04:38:05","slug":"22-indian-12-not-applicable-government-company","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/02\/07\/22-indian-12-not-applicable-government-company\/","title":{"rendered":"AS 22 or Indian AS 12 not applicable to Government Company"},"content":{"rendered":"

S.O. 529(E).\u2014<\/strong> In exercise of the powers conferred by sub-section (6) of Section 129 of the Companies Act, 2013 (18 of 2013), the Central Government, in the interest of public, hereby directs that the provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years with effect from the 1st April, 2017, to a Government Company which:\u2014<\/p>\n

(a) is a public financial institution under sub-clause (iv) of clause (72) of Section 2 of the Companies Act, 2013;<\/p>\n

(b) is a Non-Banking Financial Company registered with the Reserve Bank of India under Section 45-IA of the Reserve bank of India Act, 1934; and<\/p>\n

\n
\n
\n
\u00a0(c) is engaged in the business of infrastructure finance leasing with not less than seventy five per cent. of its total revenue being generated from such business with Government companies or other entities owned or controlled by Government .<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[F. No. 17\/32\/2017-CL-V]<\/p>\n

Ministry of Corporate Affairs<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

S.O. 529(E).\u2014 In exercise of the powers conferred by sub-section (6) of Section 129 of the Companies Act, 2013 (18 of 2013), <\/p>\n","protected":false},"author":91,"featured_media":28141,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4711],"tags":[],"class_list":["post-186104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation"],"yoast_head":"\nAS 22 or Indian AS 12 not applicable to Government Company | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2018\/02\/07\/22-indian-12-not-applicable-government-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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removes applicability of AS 22 & Indian AS 12 to certain Govt Companies","author":"Saba","date":"April 3, 2018","format":false,"excerpt":"Vide\u00a0Notification No. S.O. 529(E), dated 5th February, 2018 it was specified that provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years to certain government companies with effect from 1st April, 2017. vide Notification No.\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":127661,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/29\/cross-border-mergers-permitted-subject-to-prior-approval-of-rbi\/","url_meta":{"origin":186104,"position":1},"title":"Cross-border mergers permitted, subject to prior approval of RBI","author":"Saba","date":"April 29, 2017","format":false,"excerpt":"GSR .--In exercise of the powers conferred by Section 234 read with Section 469 of the Companies Act, 2013,\u00a0the Central Government, in consultation with the Reserve Bank of India, hereby makes the following rules to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, namely:- 1. (1) These rules may\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":218309,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/17\/companies-share-capital-and-debentures-amendment-rules-2019\/","url_meta":{"origin":186104,"position":2},"title":"Companies (Share Capital and Debentures) Amendment Rules, 2019","author":"Bhumika Indulia","date":"August 17, 2019","format":false,"excerpt":"G.S.R. 574(E)\u2014In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely: - 1. (1) These rules may be\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":169834,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/11\/20\/comments-sought-draft-notification-respect-conversion-indian-branch-foreign-bank-indian-subsidiary-company\/","url_meta":{"origin":186104,"position":3},"title":"Comments sought on Draft Notification in respect of conversion of Indian Branch of foreign bank into Indian subsidiary company","author":"Saba","date":"November 20, 2017","format":false,"excerpt":"Finance Act, 2012 inserted a new Chapter XII-BB consisting of Section 115JG in the Income-tax Act, 1961 (the Act) which contains \u201cSpecial provisions relating to conversion of Indian Branch of a foreign bank into a subsidiary company\u201d. Section 115JG of the Act inter alia provides that in case the conversion\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":159314,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/09\/26\/companies-can-have-only-2-layers-of-subsidiaries\/","url_meta":{"origin":186104,"position":4},"title":"Companies can have only 2 layers of subsidiaries","author":"Saba","date":"September 26, 2017","format":false,"excerpt":"Notification G.S.R. 1176(E).- In exercise of the powers conferred under proviso to clause (87) of Section 2, Section 450 read with sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, namely:- 1. Short title and Commencement.-\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":126601,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/24\/government-notifies-securities-in-which-trust-money-can-be-invested\/","url_meta":{"origin":186104,"position":5},"title":"Government notifies securities in which Trust money can be invested","author":"Saba","date":"April 24, 2017","format":false,"excerpt":"S.O. 1267(E).\u2014In pursuance of Section 20 of the Indian Trusts Act, 1882 (2 of 1882), the\u00a0Central Government hereby specifies the following securities for the purposes of the said section,\u00a0namely:\u2014 (a) Government securities; (b) securities, the principal whereof and the interest whereon is fully and unconditionally guaranteed by\u00a0the Central Government or\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/186104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=186104"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/186104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/28141"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=186104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=186104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=186104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}