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 »
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 »
Income Computation and Disclosure Standard Key Takeaway of ICDS -Income Computation and Disclosure Standard The 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 purposes of maintenance of books of account Valuation of… Read More »
Income Computation and Disclosure Standard NOTIFICATION NO.32/2015 [F. NO. 134/48/2010-TPL]/SO 892(E), DATED 31-3-2015 Sponsored Book BUY In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department of… Read More »