Book- Guide to New ICDS -AY 2017-18

By | October 19, 2016
(Last Updated On: February 17, 2017)

Book on ICDS – Guide to New Income Computation & Disclosure Standards (Assessment Year 2017-18)

This Book on ICDS contains Salient features of ICDS (New Version) notified vide Notification No. S.O. 3079(E), dated 29-9-2016 ,ICDS (New) applicable w.e.f. AY 2017-18 .ICDS applicable to assessees following mercantile system of accounting . This Book Gives answers on How to make disclosures required by ICDS-I (New) in Form No. 3CD.

Book on ICDS Guide to New Income Computation & Disclosure Standards

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Key Points about this Book on ICDS –   Guide to New Income Computation & Disclosure Standards (Assessment Year 2017-18)

  • Paperback: 256 pages
  • Publisher: Taxmann Publications Pvt. Ltd. (2016)
  • Income Computation and Disclosure Standards (ICDSs) notified by CBDT
  • How to make disclosures required by ICDS-I (New) in Form No. 3CD
  • ICDS for income computation, not for maintenance of books of account
  • Legislative History of ICDS with Effective date
  • Definitions used in ICDS
  • RELEVANT SECTIONS OF INCOME-TAX ACT, 1961 on ICDS
  • Accounting Standards – Concept and role
    • Obligation to comply with Indian Accounting Standards (Ind AS)
    • Income computation and disclosure standards vis-a-vis accounting standards
  • ICDS applicable to assessees following mercantile system of accounting
  • ICDS not applicable for computation of MAT
  • Applicability to assessees covered by presumptive taxation u/ss 44AD, 44ADA and 44AE
  • ICDS-I (NEW) – ACCOUNTING POLICIES
  • ICDS-II (NEW) – VALUATION OF INVENTORIES
  • ICDS-III (NEW) – CONSTRUCTION CONTRACTS
  • ICDS-IV (NEW) – REVENUE RECOGNITION
  • ICDS-V (NEW) – TANGIBLE FIXED ASSETS
  • ICDS-VI (NEW) – THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES
  • ICDS-VII (NEW) – GOVERNMENT GRANTS
  • ICDS-VIII (NEW) – SECURITIES
  • ICDS-IX (NEW) – BORROWING COSTS
  • ICDS-X (NEW) – PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
  • APPENDICES
    • APPENDIX 1 : NOTIFICATION RESCINDING INCOME COMPUTATION AND DISCLOSURE STANDARDS (2015 VERSION)
    • APPENDIX 2 : INCOME COMPUTATION AND DISCLOSURE STANDARDS (2016 VERSION)
    • APPENDIX 3 : INCOME-TAX (23RD AMENDMENT) RULES, 2016
    • APPENDIX 4 : RELEVANT SECTION OF SECURITIES CONTRACTS (REGULATION) ACT, 1956
    • APPENDIX 5 : ACCOUNTING STANDARDS NOTIFIED UNDER SECTION 145(2)
    • APPENDIX 6 : RELEVANT SECTIONS OF INCOME-TAX ACT, 1961
    • APPENDIX 7 : TESTS FOR DISTINCTION BETWEEN SHARES HELD AS STOCK-IN-TRADE AND SHARES HELD AS INVESTMENT
    • APPENDIX 8 : CHARGEABLE AS – DISTINCTION BETWEEN SHARES HELD AS STOCK-IN-TRADE AND SHARES HELD AS INVESTMENTS – TESTS FOR SUCH A DISTINCTION
    • APPENDIX 9 : ISSUE OF TAXABILITY OF SURPLUS ON SALE OF SHARES AND SECURITIES – CAPITAL GAINS OR BUSINESS INCOME – INSTRUCTIONS IN ORDER TO REDUCE LITIGATION

Contents of Book on ICDS  – Income Computation & Disclosure Standards

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