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.
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
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