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    E-File IT Returns For Your Clients. It's FREE.: Accounts and Audit

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    sundeep tayal
    The document provides information about Income Computation and Disclosure Standards (ICDS) under the Income Tax Act. It explains what ICDS are, highlights of ICDS, lists the ICDS that have been notified, and mentions some ICDS for which drafts were circulated but not yet notified.

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    E-File IT Returns For Your Clients. It's FREE.: Accounts and Audit

    Uploaded by

    sundeep tayal
    34 views7 pages
    The document provides information about Income Computation and Disclosure Standards (ICDS) under the Income Tax Act. It explains what ICDS are, highlights of ICDS, lists the ICDS that have been notified, and mentions some ICDS for which drafts were circulated but not yet notified.

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    icds basic

    Original Title

    Icds_ Basic Wrking

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    The document provides information about Income Computation and Disclosure Standards (ICDS) under the Income Tax Act. It explains what ICDS are, highlights of ICDS, lists the ICDS that have been notified, and mentions some ICDS for which drafts were circulated but not yet notified.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    34 views7 pages

    E-File IT Returns For Your Clients. It's FREE.: Accounts and Audit

    Uploaded by

    sundeep tayal
    The document provides information about Income Computation and Disclosure Standards (ICDS) under the Income Tax Act. It explains what ICDS are, highlights of ICDS, lists the ICDS that have been notified, and mentions some ICDS for which drafts were circulated but not yet notified.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    4. ICDS – Income Computation and Disclosure Standards

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    ICDS – Income Computation and


    Disclosure Standards
    Updated on Aug 16, 2018 - 04:30:04 PM

    As per Section 145 of the Income Tax Act, any assessee having taxable income under the
    heads “Profits and gains from business or profession” or “Income from Other Sources” has to
    compute their taxable income in accordance with cash or mercantile system of accounting.

    Furthermore, the section states that the Central Government may notify from time to time if it
    is to be followed by any class of taxpayer or in any class of income.

    Highlights
    A. It is applicable to all taxpayer (corporate/non-corporate or resident/non-resident)
    irrespective of the turnover or income

    B. It will not have any impact on the minimum alternate tax (MAT) for corporate assessees as
    it will be based on the book profits to be determined as per the current applicable AS. It will
    only be applicable for computation of income chargeable under the head “Profits and gains of
    business or profession” or “Income from other sources”

    C. It is applicable only on the computation of the income and not for maintenance of the
    books. If there is any conflict, then the Income Tax Act will prevail over ICDS

    D. Income Tax Authorities have the power to assess the income on best judgment basis on
    non-compliance of ICDS

    E. All ICDS (except VII relating to Securities) contains transitional provisions which in
    general provide for recognition of outstanding contracts and transactions as on 1st April,
    2015 in accordance with it after taking into account income/expenditure/loss already incurred
    in the past. There is no ‘grandfathering’ for outstanding contracts or transactions as on 31st
    March, 2015
    F. It does not provide any explanations or illustrations like AS. It only lays down the
    principles to be adopted for computing Income

    G. Revenue or Expenses on which there is no ICDS will continue to be governed by existing


    AS

    List of ICDS notified w.e.f 1st April, 2015

    There are few ICDS for which the drafts were circulated
    but they have not been notified yet:
    1. Events occurring after the end of Previous Year

    2. Prior Period Expense

    3. Leases

    4. Intangible Asset
    The ICDS have been derived from the existing AS with specific deviations. However, there
    are no explanations and examples given in the ICDS, as given in AS.

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