Budget Expectations 2018: Time to Relook at ICDS Provisions
- Account & Audit|Blog|
- 3 Min Read
- By Taxmann
- Last Updated on 1 November, 2022
Union Budget 2018-19 Expectations:
Purpose behind the levy of ICDSs:
The major premise on which the ICDSs are based is that the income computed for the purpose of tax need not be the income as reflected in the books of accounts as maintained.
Challenges posed by ICDSs:
The Chamber of Tax Consultants had filed a writ petition in the Delhi High Court, distressed with the incompatible treatment under ICDS, challenging the constitutional validity of ICDS. They argued that the notified ICDSs are contrary to the law, as their implementation would effectively nullify the judgments passed by the Supreme Court and various High Courts. It has been noted that some of the requirements of ICDS are even contrary to the provisions of the Income Tax Act. Chamber contended that the Parliament has delegated legislative powers to the Central Government, who further sub-delegated the powers to the CBDT to notify the ICDS. Hence, the introduction of ICDS is an instance of excessive delegation of legislative powers.
Relief against ICDSs:
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