Tag Archives: Income Computation and Disclosure Standards

Key Points about New ICDS (Income Computation and Disclosure Standards)

 ICDS (Income Computation and Disclosure Standards) Key Points about ICDS -Income Computation and Disclosure Standards Notification No of ICDS :- Central Government has notified Income Computation and Disclosure Standards vide Notification No. S.O. 3079(E), dated 29-9-2016 In pursuance of the powers granted to it under section 145(2) of Income Tax Act 1961 Old Notification on ICDS Rescined :-… Read More »

Analysis of Revised ICDS -income computation and disclosure standards

Revised income computation and disclosure standards (ICDS): The Ministry of Finance issued a revised ICDS, as a new framework for computation of taxable income in relation to income under the headings “Profit and gains of business or profession” and “Income from other sources.” Application of the new ICDS has been deferred by one year, and… Read More »

Revised ICDS Notified, Exemption to Individuals and HUF Not liable for Tax Audit

Income computation and disclosure standards -ICDS NOTIFICATION New Delhi, the 29th September, 2016 S.O. 3079 (E) In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961, the Central Government hereby notifies the income computation and disclosure standards as specified in the Annexure to this notification to be followed… Read More »

Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 from Assessment Year 2017-18.

Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 from Assessment Year 2017-18. – (08-07-2016) The Central Board of Direct Taxes has vide Press Release dated 6.07.2016 (For copy click here) clarified that the Income Computation & Disclosure Standards shall be applicable from 1.4.2016 i.e. previous year 2016-17… Read More »

ICDS deferred by Govt , Now to apply from AY 2017-18

Income Computation and Disclosure Standards (ICDS) notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 1stApril, 2016 Vide Notification No. SO 892 (E) dated 31st March, 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment… Read More »

Taxpayer not required to have Separate Books of Accounts as per ICDS

Income computation and disclosure standards Separate Books of Accounts not required as per ICDS As per Explanatory Memorandum to Finance (No. 2) Bill, 2014  ” ……The Central Board of Direct Taxes (CBDT) had constituted an Accounting Standard Committee in 2010. The Committee has submitted its Final Report in August, 2012. The Committee recommended that the AS… Read More »

If ICDS not followed in preparing return ,AO may do Best judgment assessment

Income computation and disclosure standards Income computation and disclosure standards are mandatory from AY 2016-17 as per Notification  NO.32/2015 [F. NO. 134/48/2010-TPL]/SO 892(E) Dated 31.03.2015  Central Government notified the income computation and disclosure standards to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax… Read More »

Govt invite comments on Income Computation and Disclosure Standards

Ministry of Finance Govt of India on 26-November, 2015 Stake Holders and General Public requested to bring-out Issues/Points by 15th December, 2015 which in their opinion require further Clarification/Guidance for proper Implementation of the Provisions of the Income Computation and Disclosure Standards (ICDS) Sub-section (1) of Section 145 of the Income-tax Act, 1961 provides that… Read More »