Nagpur: The New Year started with various new opportunities for the Chartered Accountants in the form of Real Estate Regulation Act (RERA), General Anti-Avoidance Rule (GAAR), Goods & Service Tax (GST) and also Income Computation and Disclosure Standards (ICDS).
Chartered Accountants should be ready for the various upcoming new opportunities and should equip themselves said CA. Nihar Jambusaria. He was speaking as the Chief Guest at the Full Day Seminar on ICDS organized by Nagpur Branch of ICAI. He added that The Central Government has notified 10 ICDS which will affect the compliance practice of all taxpayers following the mercantile system of accounting. The introduction of ICDS will help bringing increased consistency in computation and reporting of taxable income. This being the first year of its applicability there may be various issues being faced due to transitional concerns. It is very important for the Chartered Accountants as well as the stakeholders to understand these disclosure standards and its various application issues. ICDS were developed with a view to minimising tax related disputes. Noncompliance of ICDS will result in best judgement assessment by tax authorities, which may lead to extended litigations.
Earlier Chairman of Nagpur Branch CA. Sandeep Jotwani mentioned that learning should be a continuous process in the life of a Chartered Accountant. All members are busy in understanding as well as explaining Goods and Service Tax. Under such scenario, they have to also work hard and understand the Income Computation and Disclosure Standards (ICDS) which will be very much required looking to the Income Tax Audit compliances to be done in the near future.
Branch is continuously organizing various programs for the members but the member will have to work hard to cope up to the new challenges coming in the form of opportunities.
In this program CA. Nihar Jambusaria from Mumbai, CA. M.R Hundiwala from Aurangabad and CA. K Venkatachalam deliberated on various topics on ICDS.
CA. Saket Bagdia and CA. Sanjay M Agrawal Co-ordinated the program whereas Secretary CA. Suren Duragkar proposed formal vote of thanks.
Prominently present on the occasion was CA. Jaydeep Shah, CA. Swapnil Ghate, CA. Jiten Saglani, CA. Kirit Kalyani, CA. C. N Rathi and members in large numbers