Daily Archives: October 2, 2016

Rs.65250 crore declared under Income Declaration Scheme 2016

By | October 2, 2016

Income Declaration Scheme 2016 unearths Rs.65250 crore of hitherto Undeclared Income and Assets; 64275 declarations filed under IDS-2016 up to the midnight of 30th September, 2016             The Income Declaration Scheme, 2016 came into effect from 1st  June, 2016.  It provided an opportunity to persons who had not paid full taxes in the past to… Read More »

Companies (Incorporation) fourth Amendment Rules 2016

By | October 2, 2016

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i)] Government of India MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 1st October, 2016 G.S.R. …… (E).—ln exercise of the powers conferred by sub-sections (1) and (2) of section 469 ot- the Companies Act, 2013 (18 of 20’13), the Central Government… Read More »

List of 10 New ICDS Notified by CBDT w.e.f AY 2017-18

By | October 2, 2016

 Income Computation and Disclosure Standards -ICDS w.e.f AY 2017-18 CBDT has vide   Notification No. 87/2016-Income Tax Dated: 29.09.2016 notified following new Income Computation and Disclosure Standards -ICDS- w.e.f AY 2017-18 Sr No ICDS  No ICDS Relating to 1 ICDS-I  Accounting Policies 2 ICDS-II Valuation of Inventories 3 ICDS-III Construction contracts  4 ICDS-IV Revenue Recognition 5 ICDS-V… Read More »

New ICDS-IX Borrowing Costs w.e.f AY 2017-18

By | October 2, 2016

Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard -ICDS-IX relating to borrowing costs Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of… Read More »

New ICDS-VIII Securities w.e.f AY 2017-18

By | October 2, 2016

Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard -ICDS- VIII relating to securities Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of… Read More »

New ICDS-VII -Government grants w.e.f AY 2017-18

By | October 2, 2016

Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard -ICDS-VII relating to government grants Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of… Read More »

New ICDS-VI -Effects of changes in foreign exchange rates w.e.f AY 2017-18

By | October 2, 2016

Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard VI relating to the effects of changes in foreign exchange rates Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the… Read More »

New ICDS-V-Tangible Fixed Assets w.e.f AY 2017-18

By | October 2, 2016

Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard V relating to tangible fixed assets Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books… Read More »

New ICDS-IV- Revenue Recognition w.e.f AY 2017-18

By | October 2, 2016

Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard (ICDS) IV relating to revenue recognition Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books… Read More »

New ICDS-III-Construction Contracts w.e.f AY 2017-18

By | October 2, 2016

Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard III relating to construction contracts Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of… Read More »

New ICDS-II-Valuation of Inventories w.e.f AY 2017-18

By | October 2, 2016

Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard II relating to valuation of inventories Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of Business or profession” or “Income from other sources” and not for the purpose of maintenance of books… Read More »

New ICDS-I -Accounting policies w.e.f AY 2017-18

By | October 2, 2016

Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 A. Income Computation and Disclosure Standard I relating to accounting policies Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books… Read More »

New ICDS- X -Provisions, contingent liabilities & contingent assets w.e.f AY 2017-18

By | October 2, 2016

Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard -ICDS- X relating to provisions, contingent liabilities and contingent assets Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose… Read More »