Big home-grown accounting firms gets mention in Budget

The Government’s aim to create big home-grown accounting and advisory firms found a mention in this year’s Union Budget speech as Finance Minister Nirmala Sitharaman announced various tax measures that will foster the ease of doing business.While presenting her ninth consecutive Budget, Sitharaman also said the “Reform Express is well on its way and will maintain its momentum to help us fulfill our kartavya.”The Government will set up a Joint Committee of the Ministry of Corporate Affairs and the Central Board of Direct Taxes for incorporating the requirements of Income Computation and Disclosure Standards (ICDS) in the Indian Accounting Standards (IndAS) itself.She also said that the separate accounting requirement based on ICDS will be done away with from the tax year 2027-28.