Tag Archives: ICDS II

Preventing permanent deferral of taxes through undervaluation of inventory

By | February 2, 2023

Preventing permanent deferral of taxes through undervaluation of inventory BUDGET 2023-24 MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL, 2023 Assessees are required to maintain books of account for the purposes of the Act. The Central Government has notified the Income Computation and Disclosure Standards (ICDS) for the computation of income. ICDS-II relates to valuation… Read More »

ICDS II -Income Computation and Disclosure Standard-II

By | June 14, 2016

ICDS II Income Computation and Disclosure Standard 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 of accounts. In the case of conflict… Read More »