New ITR forms: Get ready to share more details in your tax return

Changes are made to the Income tax return (ITR) forms almost every year with the intent of collecting more information and also simplifying the compliance for taxpayers. The Finance Minister has time and again mentioned the need for expanding the taxpayer base and fighting tax evasion. With technology playing the role of an enabler, the … More New ITR forms: Get ready to share more details in your tax return

Union Budget 2017: considerations for indirect tax proposals

B Sriram, Tax Partner, EY India This Budget will be presented against the backdrop of two key events: demonetization and the implementation of the Goods and Services Tax Act. First and foremost, the most eagerly watched expectation would be the roadmap for GST implementation. Pursuant to the recently concluded GST Council meeting, the FM has … More Union Budget 2017: considerations for indirect tax proposals

Welcome Home Fellow Indians

“As one more Indian fiscal year ended, it was yet again time to think of the various tax and fiscal developments in our country. On the airplane returning from an overseas trip in the first week of the new fiscal year, the familiar and comforting voice of the lady pilot announced the landing in Mumbai.

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?

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