All ICDS Notified for Income Computation at one place

By | June 14, 2016
(Last Updated On: June 14, 2016)

Income Computation and Disclosure Standard

Govt has Notified Income Computation and Disclosure Standard (ICDS) Vide NOTIFICATION  NO.32/2015 [F. NO. 134/48/2010-TPL]/SO 892(E)DATED 31-3-2015

These Standards are to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or ” Income from other sources”. This notification shall come into force with effect from 1st day of April, 2015, and shall accordingly apply to the assessment year 2016-17 and subsequent assessment years.

List of  Income Computation and Disclosure Standard Issued by 

  1. ICDS I – Income Computation and Disclosure Standard -I  (Accounting Policies)
  2. ICDS II -Income Computation and Disclosure Standard-II (Valuation of Inventories )
  3. ICDS III -Income Computation and Disclosure Standard -III (Construction Contracts)
  4. ICDS IV -Income Computation and Disclosure Standard IV (Revenue Recognition )
  5. ICDS V – Income Computation and Disclosure Standard V (Tangible fixed assets )
  6. ICDS VI -Income Computation and Disclosure Standard VI (Effects of Changes in Foreign Exchange Rates)
  7. ICDS VII -Income Computation and Disclosure Standard VII (Government Grants )
  8. ICDS VIII -Income Computation and Disclosure Standard VIII ( Securities )
  9. ICDS IX-Income Computation and Disclosure Standard IX (Borrowing Costs )
  10. ICDS X- Income Computation and Disclosure Standard X (Provisions, Contingent Liabilities and Contingent Assets)

 

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  1. Pingback: Effect of ICDS on Income Tax Return from AY 2016-17 | Tax Heal

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