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.

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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