close
Share with your friends

Voice on Reporting: April 2015

Voice on Reporting: April 2015

In our LIVE webcast this month our specialists highlighted the key changes and implementation challenges for companies that adopt ICDS from this year and also provided an overview of the financial reporting and regulatory developments introduced under the Indian GAAP during the year ended 31 March 2015.

1000

Also on home.kpmg

vor-april15

Background

On 31 March 2015, the Ministry of Finance has issued ten ICDS, operationalising a new framework for computation of taxable income by all assesses. All assesses would be required to adopt these standards for the purposes of computation of taxable income under the heads “Profit and gains of business or profession” and “Income from Other Sources”. These standards are applicable for previous year commencing from 1 April 2015, i.e., Assessment Year 2016-17 onwards.

The adoption of ICDS will significantly alter the way companies compute their taxable income, as many of the concepts from existing Indian GAAP have been modified. This may also require changes to existing processes and systems. 

During the year ended 2015, the Ministry of Corporate Affairs (MCA) has issued various amendments and clarifications to the Companies Act, 2013 (the Act) and the corresponding Rules to remove practical impediments faced by companies while implementing certain provisions of the Act.

Downloads:

Slide deck - April 2015(PDF, 764 KB) 

© 2020 KPMG Assurance and Consulting Services LLP, an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

KPMG (Registered) (a partnership firm with Registration No. BA- 62445) converted into KPMG Assurance and Consulting Services LLP (a Limited Liability partnership firm) with LLP Registration No. AAT-0367 with effect from July 23, 2020.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal