CBDT and ICAI have jointly constituted a study group to identify and address direct tax issues

Central Board of Direct Taxes (CBDT) and accounting rule-maker Institute of Chartered Accountants of India (ICAI) have jointly constituted a study group to identify and address direct tax issues that will affect convergence of India's accounting standards with International Financial Reporting Standards (IFRS).

With IFRS convergence due for April 2011 and the government coming up with the new Direct Tax Code, the suggestions of the study group find relevance. Many provisions in the direct tax code need to be amended for a smooth transition to IFRS, a globally recognised accounting format. The study group will soon finalise and send its recommendations to the government for consideration.

Convergence to IFRS, which forms part of India's commitment at the G-20 summit, will help Indian business entities get into business tie-up and conduct business worldwide.

Apart from income tax law, several other legislations like the Companies Act, SEBI Act, Insurance Act also have to be amended so as to enable a smooth transition to IFRS.

Central Board of Direct Taxes (CBDT) and accounting rule-maker Institute of Chartered Accountants of India (ICAI) have jointly constituted a study group to identify and address direct tax issues that will affect convergence of India's accounting standards with International Financial Reporting Standards (IFRS).

With IFRS convergence due for April 2011 and the government coming up with the new Direct Tax Code, the suggestions of the study group find relevance. Many provisions in the direct tax code need to be amended for a smooth transition to IFRS, a globally recognised accounting format. The study group will soon finalise and send its recommendations to the government for consideration.

Convergence to IFRS, which forms part of India's commitment at the G-20 summit, will help Indian business entities get into business tie-up and conduct business worldwide.

Apart from income tax law, several other legislations like the Companies Act, SEBI Act, Insurance Act also have to be amended so as to enable a smooth transition to IFRS.

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