Indian companies are expecting litigations and increased tax demands this year due to confusion around computing their income under the new accounting standards the government has introduced.According to chief financial officers and taxation experts, the income computation and accounting standards (ICDS) contradict with some provisions of the existent Income Tax Act, putting them in a catch-22 situation and prompting many to put aside some funds for potential tax penalties.
Source - http://economictimes.indiatimes.com
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