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ICAI »
 ICAI-Convocation - 2017-18
 Invitation for expression of interest from Social Media Networking Service providers/online marketing solution providers for providing social media solution/ online marketing solutions for publicizing the contents/ activities/other works of the Career Counselling Sub-group under BOS, ICAI by 25th August, 2017.
 Educational Material on Ind AS 16, Property, Plant and Equipment
 The Last Date of Online Filing of Multipurpose Empanelment Form (MEF) for the year 2017-18 is extended from 15th August, 2017 to 25th August, 2017.
 Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations November / December 2017.
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 December, 2017 - Common Proficiency Test (CPT)
 Result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May 2017 declared.
 Result of the International Taxation - Assessment Test held in May 2017 declared.
 President's Message - August 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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