Income Computation and Disclosure Standards (ICDS) - Master Class

Similar documents
Ind-AS Master Class. Practical insights on transition to Ind-AS Third edition. Delhi Mumbai Bengaluru Kolkata

Ind AS Master Class Practical insights on transition to Ind-AS Seventh Edition Delhi I Mumbai I Bangalore

CBDT Committee recommends MAT framework for Ind-AS companies

Government of India amends Income Computation and Disclosure Standards and also defers them by one year to tax year

Singhi & Co. News Letter - July 2015 Quality services for seven decades. Assurance and Advisory

Income Computation and Disclosure Standards. CA Parul Mittal

Pune Tribunal upholds tax deductibility of MTM exchange fluctuation loss on forex loan borrowed to reduce interest cost and hedge export receivables

Delhi Tribunal rules income of non-resident that is not attributable to PE in India shall still be taxable in India as FTS

Workshop on Transfer Pricing

CBDT releases revised draft of Income Computation and Disclosure Standards for public comments

Workshop on Transfer Pricing

Value Added Tax (VAT) seminar. Manama, 6 February 2018

Global vision backed by local knowledge

Northern India Regional Council, ICAI Seminar on Income Computation and Disclosure Standards

and Master File implementation

EY Tax Alert. Supreme Court upholds lease equalization adjustment in finance lease as per the ICAI Guidance Note for tax purposes.

EY Tax Alert. Central Government modifies conditions for availing exemption from angel tax provision. Executive summary

CBDT notifies revised ICDS

EY Tax Alert. Executive summary. Key amendments to the Finance Bill, 2015 that impact the Financial Services sector. 4 May mber 2012

The Institute of Cost Accountants of India (Statutory body under an Act of Parliament) Navi Mumbai Chapter

Overview of The Income Computation and Disclosure Standards

7 June 2018 KPMG.com/in

EY International Financial Reporting Standards (IFRS) update. Bahrain, 7 May 2018

Control premium in India. Ernst & Young LLP July 2017

This Tax Alert highlights key aspects of the IDT Rules.

EY Tax Alert. Executive summary

EY Tax Alert. Mumbai Tribunal rules conversion of compulsory convertible preference shares into equity shares is not transfer.

Clarifications on Indirect transfer provisions under the Incometax Act, 1961

EY Tax Alert. Executive summary. Final report of Accounting Standards Committee of CBDT. 29 October 2012

Supreme Court rules accumulated losses of amalgamating company to be set off after reducing interest waiver benefit

F.No.133/23/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi ** ** **

EY Tax Alert. Executive summary

EY Tax Alert. Executive summary. Chennai Tribunal upholds salary taxation of SARs benefits received from foreign parent of employer.

FIRST NOTES KPMG in India. The Ministry of Finance issues revised drafts on tax computation standards. 14 January 2015

EY Tax Alert. Executive summary. CBDT provides clarifications on Direct Tax Dispute Resolution Scheme, September 2016

EY Tax Alert. Executive summary

Indian Equalization Levy on digital services to be effective from 1 June 2016, administrative rules notified

Bombay HC upholds non-taxability of deferred consideration on transfer of shares in the absence of accrual

EY India Defence EY s point of view on amended Foreign Direct Investment (FDI) Policy on Defence Sector

CBEC releases draft rules on Assessment and Audit under GST and E-Way Bill. The key highlights of the rules are as under:

EY PAS Alert. Finance bill proposes tax on long-term gains arising on sale of listed equity shares Impact on employee stock option plans

Tax Alert Key amendments at enactment stage of Finance Bill, 2018

EY Tax Alert. Executive summary

Income Computation & Disclosure Standards. CA Gaurav Jain & CA Gaurav Makhijani

MoF issues Notifications and Circular for services relating to transportation of goods by vessel

Applying Ind AS 115 Automotive: The new revenue recognition standard

EY PAS Alert. Executive summary. Press release dated 27 February

EY Tax Alert Indian tax administration issues clarifications to compute book profit for Minimum Alternate Tax (MAT) levy for Ind-AS companies

CBDT introduces form for employee investment declarations and extends due date for quarterly withholding statements

EY Tax Alert Central Board of Direct Taxes issues final rules prescribing methodology for determining fair market value of unquoted shares

CBDT notifies revised Income Computation and Disclosure Standards

Indian Administration issues draft Exit Tax Rules for charitable organisations; invites comments from stakeholders

FICCI-EY MASTER CLASS SERIES 2014 DEALING WITH INDIRECT TAX ISSUES IN THE REAL ESTATE SECTOR

EY Tax Alert. Executive summary

EY Tax Alert. Executive summary. SC settles certain controversies on profit-linked deduction for export units. 21 December 2016

EY Tax Alert Indian tax administration issues final rules on certain aspects for determining buy-back tax in India Executive summary

EY Alert. Kerala High Court quashes 2014 notification amending the Employees Pension Scheme, 1995

Voices on Reporting. 7 October KPMG.com/in

EY Tax Alert. Executive summary. Delhi Tribunal rules on advertisement and promotion expenses involving use of trademarks as not royalty.

This Tax Alert provides highlights of the Taxation Laws (Amendment) Bill, 2017 ( Bill ) introduced in the Lok Sabha on 31 March 2017.

AAR rules that provision of business support services to US affiliate are naturally bundled and are not intermediary services

LUNAWAT & CO. Chartered Accountants 15 th April 2017, Janakpuri CA. PRAMOD JAIN FCA, FCS, FCMA, LL.B, MIMA, DISA

Voices on Reporting. 18 February 2015

EY Tax Alert Delhi High Court upholds weighted R&D deduction for recognized inhouse R&D facility from the date prior to recognition and approval

Amendments at enactment stage of Finance Bill, 2017

GST: How it will impact advertising budgets? June 2017

Capacity Building Seminar on Embedded Values

FIRST NOTES KPMG in India. The ICAI issues a guidance note on accounting for derivative contracts. 18 May Background

Key highlights of the Union Budget 2017

EY Tax Alert. Executive summary

EY Regulatory Alert. Executive summary. SEBI releases Discussion Paper on review of framework for Institutional Trading

INCOME COMPUTATION AND DISCLOSURE STANDARDS

EY Tax Alert. Executive summary. Protocol signed on 10 May 2016 to amend the 1982 India- Mauritius tax treaty. 12 May 2016

CBDT releases fifth round of FAQs on Income Declaration Scheme, 2016

IFRS 16 Seminar. Al Khobar, 30 October 2018

EY Tax Alert. Delhi Tribunal rules guarantee fee income received by foreign parent from Indian subsidiary is taxable in India.

EY Tax Alert. Full Bench of Karnataka HC rules incidental interest income earned by Taxpayer is eligible for export incentive scheme deduction

Intensive Study Group on Ind-AS of The Chamber of Tax Consultant

Finance for non-finance managers. Delhi Bengaluru

EY Tax Alert. Executive summary. Supreme Court rules on characterization of property rental income as income from house property.

ADVENTURE MARKETING PRIVATE LIMITED ANNUAL ACCOUNTS - FY :

Guidance Note on FATCA and CRS dated 30 November Key clarifications

Indian High Court rules on principles for admissibility of transfer pricing appeals by High Courts

Global Business Tax Alert Sharp Insights

TAX AUDIT & ICDS CA. PRAMOD JAIN. B. COM (H), FCA, FCS, FCMA, LL.B, MIMA, DISA Shared at Dehradun Branch of CIRC of ICAI 15 th July 2018

EY Tax Alert. Executive summary. Third Protocol amending the India-Singapore tax treaty signed. 31 December 2016

CBDT releases second round of FAQs on Income Declaration Scheme, 2016

EY Tax Alert. Supreme Court reaffirms constitutional validity of Aadhaar PAN linking requirement. Executive summary

EY Tax Alert. J&K HC rules that contract receipts of a JV result in diversion of income to JV members; receipt not an income of the JV

This issue of First Notes highlights key aspects of the guidance note issued by the ICAI.

India s Supreme Court establishes principles on evaluating real accrual of income for levy of tax

EY Tax Alert. Delhi HC substantially dilutes ICDS by striking down to the extent of conflict with binding judicial precedents.

Measuring the tax cost of investment in India. Through estimation of marginal effective tax rates (METRs)

Kerala HC upholds the constitutional validity of levy of Service tax on admission and access to entertainment event & amusement facilities

EY Tax Alert Central Government notifies the transactions of listed equity shares not eligible for Long Term capital gains exemption

Transfer pricing for Specified Domestic Transactions

EY Tax Alert. Executive summary

Introduction to the International Financial Reporting Standards (IFRS) program

EY Tax Alert. Executive summary

EY Tax Alert. Mumbai Tribunal rules intercompany

Transcription:

Income Computation and Disclosure Standards (ICDS) - Master Class 2nd edition Delhi Mumbai Bengaluru Kolkata

EY is pleased to announce 2nd edition of ICDS Master Class A joint initiative by EY Tax Advisory and Accounting Advisory On 31 March 2015, the Central Government (CG) notified ten Income Tax Computation & Disclosure Standards (ICDS) effective from financial year 2015 16 for compliance by all taxpayers following mercantile system of accounting for the purposes of computation of income chargeable to income-tax under the heads: Profits and gains of business or profession Income from other sources ICDS has been notified with an aim to bring increased consistency in computation and reporting of taxable income, reduce litigation and minimize the alternatives provided by the existing Accounting Standards issued by the Institute of Chartered Accountants of India. Being the first year of applicability, there are bound to be transitional concerns on income computation as well as disclosure under the ICDS vis-à-vis current established practices. Given that differences in the two practices could have significant cash and tax impact (including risk of a Best Judgement assessment in case of non-compliance). It is critical for all stakeholders to understand the applicability of new tax standards and its various practical application issues. We realised the need and hence launching a two-day comprehensive Master Class on ICDS. The Master Class will provide a detailed understanding of ICDS, differences from the current Indian GAAP, insights into practical application issues, transitional provisions including changes required to IT systems. This two-day comprehensive Master Class on ICDS aims to provide Understanding of differences between Indian GAAP and ICDS (with high-level inputs on comparability with IND-AS); Understanding the disclosure requirements as proposed by the ICDS; Understanding the ultimate tax (including deferred tax) impact arising due to such differences; Guidance for transition to the ICDS regime; Interplay between ICDS and MAT; Understanding of ICDS with practical examples and case studies, especially focusing on complex standards; Understanding the IT systems impact of ICDS.

Overview of the topics ICDS I Accounting Policies ICDS II Valuation of Inventories ICDS III Construction Contracts ICDS IV Revenue Recognition ICDS V Tangible Fixed Assets ICDS VI The effects of Changes in Foreign Exchange Rates ICDS VII Government Grants ICDS IX Borrowing Costs ICDS X Provisions, Contingent Liabilities and Contingent Assets Faculty This Master Class will be delivered by senior professionals from the Tax team and the Accounting Advisory team who have extensive training experience, as well as experience of working on tax and accounting assignments. Intertwining theoretical material with some case studies, the trainers will ensure that the class never runs out of an excuse to interact! Who should attend? The Master Class will be highly beneficial to Tax Heads, Finance Heads, CFOs, Corporate Tax and Accounting professionals, practicing Tax and Accounting professionals. Schedule 07-08 October 2015, 9:30 am to 5:30 pm Bengaluru Delhi The Chancery Hotel 10/6, Levelle Road, M.G.Road, Bengaluru, Karnataka 560 001 Hotel IBIS Delhi Airport, Asset No.9 Hospitality District, Delhi Aerocity, IGI Airport, New Delhi,India Kolkata The Lalit Great Eastern Kolkata 1,2,3, Old Court House Street, Dalhousie Square, Kolkata - 700 069, India Mumbai Hilton Mumbai International Airport Sahar Airport Road, Andheri (East), Mumbai 400 099

Testimonials It was great experience to attend EY Master Class on ICDS. The program is delivered with case studies module which helped in understanding the practical implications thrown open by new piece of legislation. Suhit Aggarwal, Telewings Communications Services Private Limited This master class has been a great forum for learning about the key implications of the ICDS. The presenters were not only knowledgeable but also very interactive throughout which made the class even more interesting. One of the best presentations ever attended. Gaurav Jain, Experion Developers Private Limited ICDS masterclass provided a great insight into changes which will impact tax computation for the AY 2016-17. It also helped in understanding the differences between ICDS, Ind-AS & IGAAP. Examples given in the material are real world issue which are being faced on day to day basis. Speakers were well prepared on the subject. Pankaj Gupta, BT (India) Private Limited Course fee The fee is *INR 20,000 (exclusive of taxes) per attendee and includes training material, lunch and refreshments. Avail 10% early bird discount on registration up to 10 September 2015 Confirmatory mail will be sent once you have registered. For registration, kindly connect with: Bengaluru: Pradeep Pandey Email: Pradeep.Pandey@in.ey.com Mobile: + 91 78380 00185 Mumbai: Asif Chowgule Email: Asif.Chowgule@in.ey.com Mobile: + 91 99200 40333 Delhi: Ashima Talwar Email : Ashima.Talwar@in.ey.com Mobile: + 91 99715 52561 Kolkata: Pradeep Pandey Email: Pradeep.Pandey@in.ey.com Mobile: + 91 78380 00185 Visit: ey.com/icdstraining

Highlights of Delhi Master Class Highlights of Mumbai Master Class

Highlights of Master Class of other locations Ernst & Young LLP EY Assurance Tax Transactions Advisory 2015 Ernst & Young LLP. Published in India. All Rights Reserved. EY refers to the global organization, and/ or one or more of the independent member firms of Ernst & Young Global Limited