Certain deeming provisions, under the present law seeks to tax companies in cases where shares are issued at a price higher than the market value of such shares. Dispute resolution - It is expected that the government will make further efforts to create a tax friendly environment and reduce e litigation in India. Abolishing Income Computation and Disclosure Standard (ICDS) provisions - The ICDS largely impacts only the timing of tax and creates burden for taxpayers to prepare detailed reconciliations. This has been inflated after the recent Delhi High Court ruling quashing various provisions of ICDS. (Hitesh Sawhney is partner and Arjun Khandelwal is director - corporate & international tax, PwC India)

Source: Economic Times January 27, 2018 09:40 UTC