Tax is what the government imposes charge on business entities such as corporate tax, income tax and capital tax. Discuss about the rules and regulations of tax payment methods followed according to the business structures
Income Computation and Disclosure Standards (ICDS) is a new accounting standards for computation of business income that aims to ensure consistency and help minimize tax-related disputes. It was notified by the government on April 1, 2015.
Earlier it was stated that this will be applicable from April 2016 which means 2016 to 2017. But now considering the difficulties and clarification regarding it, Central Board of Direct Taxes (CBDT) has postponed ICDS to the next year that is from 2017 to 2018.
India, Canada, Iceland, China, New Zealand and Israel, signed the pact Multilateral Competent Authority agreement for automatic exchange of information on tax issues and develop new tools and standards for tackling tax base erosion and evasion. It will help ensure that tax administrations obtain a complete understanding of how MNEs structure their operations, while also ensuring that the confidentiality of such information is safeguarded.
GST proposal which was made before 12 years was unable to be approved as states feared reduction in their fiscal powers. But now the Rajya Sabha select committee on Goods and services tax bill formation has been agreed by the Government. Bhupendra Yadav, a BJP member heads the committee which consists of 21 members.