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« ICAI »
 ICAI - PIOB Joint Stakeholders’ Conclave on the theme “Global Audit Oversight: Reconciling Perception Gap” on 9th February 2017, New Delhi
 May 2017 CA Examinations
 Exposure Draft of Recognition of Deferred Tax Assets for Unrealised Losses (Amendments in Ind AS 12, Income taxes) (January 2017).
 Formatin of Group to suggest norms for making Cooptions in non-standing Committees
 Constiuttion of a Group for creation of Ombudsman and formulating Whistle Blower Policy
 Result Notification Final - Nov 2016
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 declared.
 Result Notification - CPT December 2016
  Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 declared.
 Annual Improvements to IFRS® Standards 2015–2017 Cycle
  Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 are likely to be declared on Tuesday, the 17th January 2017.

Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 from Assessment Year 2017-18.
July, 11th 2016

The Central Board of Direct Taxes has vide Press Release dated 6.07.2016 (For copy click here) clarified that the Income Computation & Disclosure Standards shall be applicable from 1.4.2016 i.e. previous year 2016-17 (Assessment Year 2017-18). 

It is pertinent to inform that the Direct Taxes Committee of ICAI made detailed representation to Central Board of Direct Taxes during the Direct Tax Workshop with CBDT which was followed by written representation to Chairman, CBDT on 31.03.2016 and Hon’ble Finance Minister, on 7.04.2016 for deferment of implementation of ICDS (For copy click here). On invitation by CBDT subsequently, the ICAI representatives met Joint Secretary (TPL-I) and Director (TPL-III) at North Block, New Delhi on 18th April, 2016 and 27th April, 2016 and made detailed presentation on difficulties that would be faced by stakeholders on implementation of ICDS. The representations made by ICAI were considered positively by the Expert Committee on ICDS in meeting held on 12.05.2016 and ICAI was asked to prepare detailed FAQs and amendments to ICDS which were submitted on 20.05.2016 (For copy click here)



The CBDT officials agreed to most of ICAI’s recommendations and also agreed to bring out clarifications by way of issuing FAQ’s and amendments in ICDS. However, in view of delay in redressal of issues in ICDS, pending notification of FAQs and non revision of tax audit report formats, it was requested to Finance Minister that implementation of ICDS and notification of revised tax audit report formats be postponed vide meeting and letter dated 28.06.2016 (For copy click here)

We are thankful to the Government for favourably responding to the concerns of the stakeholders that were put forward by ICAI and deferring of applicability of ICDS by one year. 

CA. Sanjiv Kumar Chaudhary
Vice- Chairman, Direct Taxes Committee, ICAI
CA. Naveen ND Gupta
Chairman, Direct Taxes Committee, ICAI
 
 
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