The Institute of Chartered Accountants of India (ICAI)’s EIRC, Bhubaneswar Branch organised a seminar on ‘Income Computation and Disclosure Standard (ICDS)’ here on Thursday.
The seminar was inaugurated by former EIRC Bhubaneswar Chairman Sunil Kumar Sahoo, ICAI Bhubaneswar Chairman Amit Kumar Agarwalla and Secretary Chiranjeebi Jena. Chartered Account from Hyderabad Ritesh Mittal graced the occasion as chief speaker.
The ICDS which has become effective from April 1, 2015 aims to fill the gaps that existed in the way assesees compute their taxable income, by brining greater consistency and clarity in the related accounting principles and also provide stability in tax treatments of various items. However, ICDS is distinct from some fundamental aspects of taxation and also from the Ind AS, resulting in some implementation issues & challenge
The seminar was attended by 150 members from Bhubaneswar and the subject was elaborately discussed by the speakers.
The Programme was coordinated by Vice Chairman Rashmi Ranjan Mishra, Treasurer Sugyan Kumar Sahoo and MC Members Janhabi Deo, Siddharth Ranjan, Raja Narayan Tripathy and Tarun Kumar Agarwalla.