Income Tax : Learn about the key exemptions available for capital gains under different sections like 54, 54B, 54D, 54EC, and more. Understand ...
Income Tax : A guide on Income Computation and Disclosure Standards (ICDS) and its reconciliation with Accounting Standards (AS) for taxable in...
Income Tax : Explore provisions under the Income-tax Act for computing business income, including various chargeable incomes and accounting met...
Income Tax : Learn key details about ICDS including its scope, applicability to contracts, and disclosure requirements under different ICDS sta...
Income Tax : As per Ind AS, all forwards contracts in foreign currency needs to be marked to market at exchange rate as on the day of closing o...
Income Tax : Technical Guide on Income Computation and Disclosure Standards The Ministry of Finance vide Notification No. 87/2016 dated 29.09.2...
Income Tax : The draft ICDS on Real Estate Transactions along with the significant changes suggested in ICDS vis-à-vis the Guidance Note issue...
Income Tax : This Income Computation and Disclosure Standard shall be applicable for determination of income from all forms of transactions in...
CA, CS, CMA : The Central Government had, vide Notification No.S.O.892(E) dated 31.3.2015, in exercise of the powers conferred by section 145(2)...
Income Tax : 1. This Income Computation and Disclosure Standard deals with provisions, contingent liabilities and contingent assets, except tho...
Income Tax : Read the full text of ITAT Hyderabad's order in Pennar Industries Ltd vs DCIT case for A.Y.2018-19. Unbilled revenue cannot be con...
Income Tax : The notification notifying ICDS is contrary to the settled law since its implementation would nullify the judgements of the Suprem...
Income Tax : Section 145 (2), as amended, has to be read down to restrict power of the Central Government to notify ICDS that do not seek to ov...
Income Tax : Mr Ganesh states that although at this stage he is not pressing for any ad interim directions, the requirement for compliance of t...
Income Tax : After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require ...
Income Tax : CBDT has vide notification No. 87/2016 notifies following income computation and disclosure standards applicable from A.Y. 2017-18...
Income Tax : Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance, Department of Revenue, ...
Income Tax : Notification No. 32/2015 - Income Tax Central Government hereby notifies the income computation and disclosure standards as speci...
Corporate Law : Section 13 of the Special Economic Zones Act, 2005 – Constitution of Approval Committee for such SEZ notified during 2006 to...
Learn about the key exemptions available for capital gains under different sections like 54, 54B, 54D, 54EC, and more. Understand eligibility and investment criteria.
A guide on Income Computation and Disclosure Standards (ICDS) and its reconciliation with Accounting Standards (AS) for taxable income computation in India.
Explore provisions under the Income-tax Act for computing business income, including various chargeable incomes and accounting methods.
Learn key details about ICDS including its scope, applicability to contracts, and disclosure requirements under different ICDS standards.
Read the full text of ITAT Hyderabad’s order in Pennar Industries Ltd vs DCIT case for A.Y.2018-19. Unbilled revenue cannot be considered income once written off.
As per Ind AS, all forwards contracts in foreign currency needs to be marked to market at exchange rate as on the day of closing of financial period. However taxability of MTM ( Marked to Market ) losses is governed by ICDS & Income Tax Act. Assessee needs to make adjustments in Computation of Income to disallow unrealized MTM losses for the financial period considered in Profit and Loss Account.
Let me start with the example: The Company has sales of $5,00,000/- on 1st April 2020. Spot Rate was Rs. 70/ $ To hedge the exchange rate fluctuation the Company has sold 2 Year forward contract of $4,00,000/- @ Rs. 72/ $. Date Spot Rate (Rs./ $) Forward Rate (Rs./ $) 31st March 2021 73 […]
The word `Subsidy’ is a word of pivotal importance and finds a mention in the American Heritage Dictionary of the English Language which quantifies it as `Monetary-assistance granted by a government to a person or group in support of an enterprise regarded as being in the public interest.’
TO INCOME TAX Section 145(2), Central Govt. is empowered to notify ICDS for, applicable from A.Y 2017-18 – Class of Person – Class of Income Exception:- Individual or HUF who is not required to get his accounts audited under section 44AB are not required to comply this ICDS. Notified ICDS AND Corresponding Accounting Standard […]
1. ICDS will applicable for computation of income chargeable under the head PGBP or Other Sources. 2. In case of conflict between the provisions of the income tax act and ICDS, the provision of act shall prevail.
