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Are tax laws also being amended to take into account changes expected under IFRS?

April 26, 2017account changes ifrs Laws tax

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Are tax laws also being amended to take into account changes expected under IFRS?

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Presently, we do not prepare separate books of account for tax filing. Also, it is assumed that the stand-alone financial reporting to local authorities and tax filings with the Income Tax authorities would be based on Indian GAAP and the consolidated financials published by listed companies would be based on IFRS. Thus, neither there have been any changes in the tax laws related to IFRS nor we expect any changes in the same.