A Study on Awareness of Income Computation and Disclosure Standards (ICDS) among Indian Professionals
Author : Dr. Raghuvirsinh B Jadeja and Dr. Bhavsinh M Dodia
Abstract :
In the present scenario shifting of tax Burdon and adjustment for minimization of profit has taking place like anything. Every corporate would like to have a maximum profit at any cost but payment of tax to government always have to minimize. This mentality address the adjustment for minimizing tax liabilities professionally we are knowing as Tax Planning. Behind the tax planning there are always adjustment for the purpose of tax evasion. Every person doing this types of tax planning to minimize the liabilities. Major adjustment for this evasion are taking place through Business and profession related transaction. To put as a part of solution government implemented Income Computation and Disclosure Standard so that taxa planning and evasion do not impacted in the reduction of tax liabilities. The main objective of this paper is assessing the awareness level of ICDS concepts among Indian professionals. Majority time it has been observed that consultant and professional are highly involve in such practices. ICDS is beyond the Accounting. Primary data was collected through a questionnaire and data analysis was performed by Chi-Square test using SPSS software. The finding of study is no relationship between occupation and awareness level and most of respondents believe that ICDS has an impact on taxation. Many respondents also believes that ICDS can be used as a fraud detection tool. So, ultimately we can see that many Indian professional are aware about the concept of forensic accounting.
Keywords :
Taxation, income tax, accounting policies, PGBP, IFOS, Indian professionals
