Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT Audit :: VAT RATES :: empanelment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: TDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it

New tax standard deferred by one yeara
July, 07th 2016

The Finance Ministry has deferred by a year the implementation of the income computation and disclosure standards (ICDS).

The ICDS were earlier meant to come into effect from April 1, 2015, but will now come into force from April 1, 2016, according to an official statement.

“The ICDS deferral is a pragmatic step in a series of recent initiatives to make the regime taxpayer friendly, both in terms of compliance and certainty,” Vishal J Shah, Partner, Tax & Regulatory, PwC India said. “In line with the Eswar panel recommendations, the government should work out a plan for convergence of the taxation framework with the IND-AS regime before implementing the ICDS.”

ICDS are tax accounting standards to help compute taxable income of assessees following the mercantile system of accounting.

“Some of the tax payers might have filed their return of income and obtained Tax Audit Report without incorporating the compliance with the ICDS and related disclosures in the absence of the revised Tax Audit Report,” according to the government statement. “Considering these facts, it has been decided that the ICDS shall be applicable from April 1, 2016 i.e. previous year 2016-17 (Assessment Year 2017-18). The notification to this effect will be issued shortly.”

Pay Commission
The government also sought to allay employee unions' concerns surrounding the Seventh Pay Commission implementation by saying that the issue will be taken up by a high-level committee. Representatives of unions representing employees of the Central Government met Home Minister Rajnath Singh, Finance Minister Arun Jaitley and Minister for Railways Suresh Prabhu.

“They had requested that certain issues raised by them in relation to the pay scales and other recommendations of the Pay Commission be allowed to be raised before a Committee of Secretaries looking into different aspects of grievances of employees in relation to the Pay Commission recommendations,” according to a government statement.

The ministers assured the union leaders that the issues raised by them would be considered by a high level committee.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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