In my July 2015 column ‘ICDS - Quest of harmony’, I had held a view that the Income Computation & Disclosure Standards (ICDS) having an overarching impact cannot override established jurisprudence on income recognition and deductibility of expenditure, besides it was imposing an onerous obligation for compliance particularly when India Inc was gearing for an IFRS transition in 2016 and 2017 and ease of doing business tops governments agenda. The roll-out of ICDS from April 1, 2016, was an attempt to align accounting and tax standards with limited stakeholder consultation and ...
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