Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: form 3cd :: TDS :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT Audit
 
 
Direct Tax »
 Income tax department open to reducing withholding tax for companies
 The different ways in which you can verify your income tax return
 Finance Ministry asks taxmen to submit note on high-pitched assessments
 Businesses in a tizzy over tech glitches in filing GST returns
 Haryana tax department turns lens on shell companies
 CBDT denies data inconsistency over new taxpayers after note ban
 No inconsistency in number of tax payers: CBDT
 India will benefit from growing tax revenue in FY2018
 I-T plans to pursue property-holders who have never filed income tax returns
 Direct Tax Collections up to July, 2017 show Growth
 How True is CBDT’s Claim of Record New Tax Filers?

CBDT takes fresh look at tax accounting standards
November, 27th 2015

Heeding to industry concerns, the income tax department has decided to take a fresh look at the tax accounting standards being implemented from this fiscal, which are primarily aimed at protecting the government’s tax revenue from diverse accounting practices followed by the industry.

The Central Board of Direct Taxes (CBDT) on Thursday called for public comments on the Income Computation and Disclosure Standards (ICDS) for issuing “further clarification or guidance for (its) proper implementation”. Companies were expected to follow these norms while computing advance tax installments but many companies barring the blue chip ones were not fully geared up to adopt these rules this year.

Besides bringing uniformity in the way companies compute their tax liability irrespective of the accounting standards followed in preparing financial statements under the Companies Act for statutory compliance and for shareholder information, ICDS sought to deny the flexibility that businesses had in deferring their tax outgo to a later period. It essentially mandated earlier recognition of revenue in many instances and delayed recognition of certain expenditure.

The CBDT statement is silent on whether the government will insist on companies to pay taxes this fiscal as per the ICDS notified on March 31, 2015, but said further guidance would be given after public consultation till December 15. The apex direct tax policymaking body said an expert committee comprising officers and professionals are looking into the suggestions already received.

Issuing a set of uniform tax accounting standards became necessary as large companies will have to follow a new set of accounting norms called Ind AS from April 1, 2016 for preparing financial statements while the others will continue to go by the existing Indian GAAP issued by accounting rule maker ICAI.

Ind As, which is compliant with the International Financial Reporting Standards followed in over 100 countries, allows mark-to-market valuation of assets and liabilities, which is not allowed in ICDS as taxation is based on historical cost of assets. Indian GAAP, which smaller companies would continue to follow, allows recognition of anticipated losses, but not anticipated gains. ICDS, on the other hand, seeks early recognition of revenue in many areas.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions