Voices on Reporting - Special session on ICDS | KPMG | IN

Voices on Reporting - Special session on ICDS implementation issues

Voices on Reporting - Special session on ICDS

In this special session of Voices on Reporting webinar, we discussed some of the significant practical issues which companies might face while implementing ICDS.

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In November 2017, the Delhi High Court had in the case of the Chamber of Tax Consultants & Anr vs UOI & Ors dealt with the constitutional validity of ICDS. The Delhi High Court held that the specific provisions of ICDS which are contrary to or seek to overcome binding judicial precedents, should be struck down as they are contrary to the law and are ultra vires the Income-tax Act, 1961.

Later, the Finance Act, 2018 brought certain amendments to the Income-tax Act, 1961, to give constitutional validity to provisions of ICDS that were quashed by the Delhi High Court ruling. The amendments introduced by the Finance Act, 2018 are applicable retrospectively from Assessment Year 2017-18. It is important to note that some of the recently amended provisions of the Finance Act, 2018 relating to ICDS are contrary to settled practices based on various decisions of the Supreme Court and High Court.

In this special session of Voices on Reporting webinar, we discussed some of the significant practical issues which companies might face while implementing ICDS.

Downloads:

Slidedeck (1.2 MB, PDF)

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