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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.

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Income Computation and Disclosure Standards 

  • 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.

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Target Audience:

  • Tax Heads
  • Finance Head
  • CFOs
  • Corporate Tax and Accounting professionals