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Sep 6, 2017 · Sample Disclosure for ICDS Income Tax– Applicable for FY 2016-17. By CA Naman Shrimal. namanshrimal@jainshrimal.com ICDS I – ACCOUNTING POLICIES : Check Points: Points to be fed in 13(f) 1. All significant accounting policies adopted by a person. Financial Statements: Mercantile method of accounting employed.
Sep 12, 2017 · Are you worried about the ICDS disclosure requirement in clause 13 (f) of Form 3CD? Don’t worry!!! Here, the attached sheet contains the Glimpses of ICDS wise disclosures.
Disclosure Requirement as per ICDS. Draft Disclosures in Form 3CD Clause 13 (f) I. Accounting Policies. -All significant accounting policies adopted by a person. – Specific disclosure is required only if fundamental assumption of going concern, consistency and accrual not followed.
The Income Tax Act has prescribed certain Income Computation and Disclosure Standards (ICDS) ranging from ICDS I to ICDS X. The effect of these ICDS must be taken in the computation of tax to arrive at the net tax liability – The increase in profit, decrease in profit and net effect is mentioned as per each ICDS.
Income Computation and Disclosure Standards (ICDS) v/s Accounting Standards (AS) - CA Vishal P. Doshi, Vadodara. Background. Section 145(2) of the Income Tax Act, 1961 amended vide Finance (No. 2) Act, 2014 to substitute “accounting standards” with “income computation and disclosure standards”.
Tax Audit Report in Form No. 3CD in the Income-tax Rules, 1962 (IT Rules) and inserted a new sub-clause in the Form No. 3CD to provide details of adjustments with respect to ICDS and disclosures as per ICDS.
Income Computation & Disclosure Standards ('ICDS') CA. R. P. Acharya. Background. Section 145(2) of The Income Tax Act,1961 empowers the Central Government to notify the Accounting Standards to be followed by the asseessees or in respect of any class of income.
Sep 5, 2022 · Should the reporting in Form 3CD be made as per books of account or after adjustment as per the Income Computation & Disclosure Standards (ICDS)? The preamble of the ICDS provides that the ICDSs are applicable for computation of income chargeable under the head ‘ profit and gains of business or profession ’ or ‘Income from other sources ...
Learn about the income computation and disclosure standards (ICDS) that apply to taxpayers in India and how they affect the income tax calculation.
In brief. The Central Government had notified1 ten Income Computation and Disclosure Standards (ICDS) to be applicable with effect from assessment year (AY) 2016-17 for the purpose of computation of income under the head “Profits and gains of business or profession” (PGBP) and “Income from other sources” (IFOS).
