Income Computation and Disclosure Standards
Click here to Register
Description
Target Audience
How To Register
Description
The Income Computation and Disclosure Standards (ICDS) are applicable with effect from the assessment year 2017-18. ICDS affects the compliance practice of all taxpayers following the mercantile system of accounting for computing business income and income from other sources. Difference between ICDS and Ind AS/AS has significant cash and tax impact (including risk of a best judgement assessment in case of non-compliance).
Besides discussing various practical application issues pertaining to ICDS, one day interactive seminar will also cover Thin Capitalisation, Minimum Alternate Tax, Remuneration Planning and Taxation of Retirement Benefits.
Course Outline:
Income Computation and Disclosure StandardsÂÂ
- Clause by clause discussion with Case Studies
- ICDS-I : Accounting policies
- ICDS-II : Valuation of inventories
- ICDS-III : Construction contracts
- ICDS-IV : Revenue recognition
- ICDS-V : Tangible fixed assets
- ICDS-VI : Effects of changes in foreign exchange rates
- ICDS-VII : Government grants
- ICDS-VIII : Securities
- ICDS-IX : Borrowing costs
- ICDS-X : Contingent assets
- Judicial ruling on ICDS
- Expected losses or mark-to-market (MTM) losses
- Difference between ICDS and IndAS/AS
- Transitional provisions
- Disclosure requirements
Thin Capitalisation
- Limitation on interest deductibility under section 94B
Minimum Alternate Tax (MAT)
- Provisions of section 115JB
- ICDS and MAT
- Tax planning and case studies
Modification in Tax Audit Form No. 3CD
- Recent modification in Form No. 3CD –
- 29A : Income chargeable under section 56(2)(ix)
- 29B : Income chargeable under section 56(2)(x)
- 30A : Primary adjustment as per section 92CE(1)
- 30B : Expenditure by way of interest as per section 94B(1)
- 30C : GAAR as per section 96
- 31 : Receipt/payment exceeding Rs. 2 lakh as specified in section 269ST
- 34(b) : TDS quarterly statements
- 36A : Receipt of deemed dividend under section 2(22)(e)
- 42 : Statement in Form No. 61/61A/61B
- 43 : Country-by-country reporting (CbCR)
- 44 : Break-up of total expenditure of entities registered or not registered under GST
- Fees includes lunch, tea, course material etc.
Target Audience
Target Audience:
- Tax Heads
- Finance Head
- CFOs
- Corporate Tax and Accounting professionals
How To Register
Timings: 9:30 am – 5:00 pm , Registration begins at 9:00 am
How to Register
- Fees: Rs. 8,950/- +18% GST per person
- Please write to register@princetonacademy.co.in / Call -022 66976892
- Mention the name of participant, company, contact details .
- Cheque favoring Princeton Academy Mumbai II Pvt. Ltd. payable at Mumbai.