India is preparing to merge its diverging tax and financial reporting frameworks into a unified system, two people aware of discussions said, in a move aimed at dismantling one of the most cumbersome hurdles for corporate India.
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The overhaul seeks to harmonize the Indian Accounting Standards (IndAS)—used for shareholder reporting—with the Income Computation and Disclosure Standards (ICDS) mandated by tax authorities. If successful, this would represent the most significant structural shift in the nation’s accounting landscape since IndAS was first adopted in 2016.
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