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ICAI »
 CPE Events 27th February - 4th March 2017
 Guidance Note on Audit of Banks 2017 edition issued by the Auditing and Assurance Standards Board
 Constitution of Group to consider the entire structure to study circles, exploring ways and means to obtain independent PAN, TAN, Service Tax registration
 Group for formulating Foreign Travel Policy of the Institute
 Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 20th February - 25th February 2017
 Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
 Extension of the Last date for submission of online application for empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2017-18.
 CPE Events 13th February - 18th February 2017
 ICAI elects New Torch-Bearers for the year 2017-18
 Condonation of Breach of Regulation 65 & 78 - Non submission of Form 112

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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