ICDS: a move towards simplification or a new challenge?

In order to minimize alternative tax treatments and bring certainty in reporting taxable income, the Central Government (CG) has recently notified the following 10 Income Computation and Disclosure Standards (ICDS), w.e.f., 1 April 2015 for implementation: I. Accounting policies II. Valuation of inventories III. Construction contracts IV. Revenue recognition V. Tangible fixed assets VI. Effects … More ICDS: a move towards simplification or a new challenge?

Budget to be an indicator of the Government’s future tax strategy

The Narendra Modi Government is expected to announce Budget on 28 February 2015, which is being closely watched by industry and trade. This will be its first full and perhaps most crucial budget against the economic backdrop of a still-nascent recovery in the economy and an even more nascent stage in investment and consumption. India … More Budget to be an indicator of the Government’s future tax strategy

Topical tax issues

The newly crowned Modi Government has completed three months in office. In this short time, it has succeeded in instilling confidence in global investors on the attractiveness of the Indian economy as an investment destination. It is attracting the attention of several MNCs, who are crafting roadmaps to enter the Indian market or uptick their … More Topical tax issues