Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard -ICDS-VII relating to government grants 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… Read More »
Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard VI relating to the effects of changes in foreign exchange rates 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… Read More »
Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard V relating to tangible fixed assets 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… Read More »
Source- Notification No. 87/2016-Income Tax Dated: 29.09.2016 Income Computation and Disclosure Standard (ICDS) IV relating to revenue recognition 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… Read More »
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) Notification New Delhi 29th September, 2016 S.O. 3078(E). — In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961(43 of… Read More »
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 »
Tax Audit Form 3CD amended by CBDT for ICDS NOTIFICATION [Notification No. 88 /2016, F.No.133/23/2015-TPL] New Delhi, the 29th September, 2016 INCOME-TAX S.O. 3080(E).— In exercise of the powers conferred by section 44AB, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following… Read More »
Rulings nullified by ICDS Source ICAI , Read Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 from Assessment Year 2017-18.
Direct Taxes Committee of ICAI made detailed representation to Central Board of Direct Taxes during the Direct Tax Workshop with CBDT which was followed by written representation to Chairman, CBDT on 31.03.2016 and Hon’ble Finance Minister, on 7.04.2016 for deferment of implementation of ICDS(For copy click here). On invitation by CBDT subsequently, the ICAI representatives… Read More »
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 »