In a large bowl, beat the sugars, oil, eggs and vanilla until well blended. Combine the flour, baking powder, cinnamon, salt and baking soda; gradually beat into sugar mixture until blended. Stir in the carrots, pineapple, raisins and walnuts.
Transfer to a greased 10-in. fluted tube pan. Bake at 350° for 60-70 minutes or until a toothpick inserted in the center comes out clean. Cool for 10 minutes before removing from pan to wire rack to cool completely.
For frosting, in a large bowl, beat cream cheese, butter and vanilla until fluffy. Beat in confectioners' sugar until smooth. Frost cake. Store in the refrigerator.