New Delhi, Feb. 1 -- While presenting the Union Budget 2026-27 on Sunday, Finance Minister Nirmala Sitharaman proposed the constitution of a joint committee comprising the Ministry of Corporate Affairs and the Central Board of Direct Taxes (CBDT) to incorporate the requirements of Income Computation and Disclosure Standards (ICDS) into Indian Accounting Standards (Ind AS).

With this move, the separate accounting framework under ICDS will be discontinued from the tax year 2027-28, reducing duplication and compliance burden.

To support the government's objective of developing Indian accounting and advisory firms as global players, Sitharaman also proposed rationalising the definition of 'accountant' under the Safe Harbour Rules.

Addressi...