Published On : Thu, May 19th, 2016

Tax liability will be affected by ICDS: CA. Abhijit Kelkar

Recently Nagpur Branch organised Lecture meet on Income Computation & Disclosure Standards ( ICDS) at ICAI Bhavan Dhantoli, Nagpur.

CA. Abhijit Kelkar, Regional Council Member was the Speaker for topic. During his deliberation, he informed that Central Government recently notified 10 Income Tax Computation & Disclosure Standards (ICDS) effective financial year 2015–16. ICDS were developed with a view to minimising tax related disputes by bringing greater consistency in the application of accounting principles governing the computation of income. These standards were developed using the old Indian General Audit and Accounting Practices (GAAP). He said that ICDS will affect the compliance practice of all taxpayers following the mercantile system of accounting. He further discussed each of 10 ICDS in nutshell exploring the various issue involved therein.

Earlier, CA. Swapnil Ghate Chairman in his welcome address briefed about the activities at Nagpur Branch and stressed need for organizing various programmes for updating members and student on contemporary issues.

More than 130 Chartered Accountants attended the session. The programme was co-ordinated by CPE Chairman CA. Saket Bagdia and CA. Umang Agrawal, Secretary proposed formal vote of thanks.

Prominently present on the session were Vice Chairman CA. Sandeep Jotwani, Managing Committee Members CA. Jiten Saglani, CA. Sanjay M. Agrawal, CA. Kirit Kalyani, CA. Radheshyam Paliwal, CA. Kamal Taori, CA. Pramod Jawandiya, CA. Anil Kedia, CA. Sachin Agrawal, CA. Pratik Palan, CA. Premlata Daga & many others.