Category Archives: ICDS-Income Computation and Disclosure Standard

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

 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

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

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

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

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

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

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

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

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

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

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 »