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Jun 24, 2024 · Technical Guide on Income Computation and Disclosure Standards The Ministry of Finance vide Notification No. 87/2016 dated 29.09.2016 notified ten Income Computation and Disclosure Standards (ICDSs), operationalizing a new framework for computation of taxable income by all assessees (other than individual or a HUF who is not required to get his ...
Jun 19, 2024 · In order to clarify that the standards notified under section 145(2) of the Act are to be followed for computation of income and disclosure of information by any class of assessees or for any class of income, it is proposed to provide that the Central Government may notify in the Official Gazette from time to time income computation and disclosure standards to be followed by any class of or in respect of any class of income.
6 days ago · Position under the Income Tax Act, 1961. Section 43CB. 1. Introduction: Inserted by Finance Act, 2018, mandates POCM for construction and certain service contracts. Specifically applies to the computation of business income for these contracts. ICDS (Income Computation and Disclosure Standards) 1. ICDS III and ICDS IV:
Jun 21, 2024 · Notification on Income Computation and Disclosure Standards (ICDS) - ICDS notified in 2015 rescinded - Notification; Intangible Assets - Ind AS-38 of the Companies (Indian Accounting Standards) Rules, 2015 as amended.
Jun 25, 2024 · Notification No. 32/2015 – Income Tax Central Government hereby notifies the income computation and disclosure standards as specified in the Annexure to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head Profit and gains of business or profession or Income from other sources.
Jun 18, 2024 · Income Computation and Disclosure Standards (ICDS). Profits and gains of business or profession - Principles and Computation: Chargeability, General principles governing the assessment of business income, Method of accounting, Scheme of deductions and allowances, Depreciation;
Jun 27, 2024 · Press Information Bureau Government of India Ministry of Finance 09-January-2015 14:02 IST New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015.
