ICDS

Draft ICDS on Real Estate Transaction – Important Aspects in less than 1000 words

Income Tax - In order to bring clarity and uniformity in computation of income from real estate transactions, CBDT introduced draft ICDS on Real Estate Transactions in May 2017 which is largely driven by ICAI’s Guidance Note on real estate transactions....

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ICDS – Brief on Ruling of Hon’ble Delhi High Court

Income Tax - The power under Section 145 (2) of the Act cannot permit changing the basic principles of accounting that have been recognized in various provisions of the Act unless of course corresponding amendments are carried out to the Act itself....

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Summary of Delhi HC decision on Constitutional Validity of ICDS

Income Tax - The High Court held that the power to enact a validation law is an essential legislative power that can be exercised, in the context of the Act, only by the Parliament and not by the executive. If done so it would be ultra vires the Act and Article 141 read with Article 144 and 265 of the Constitution. Thus, in context of the amendment t...

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ICDS-VI, Effects of changes in Foreign Exchange Rates

Income Tax - 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....

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Adjustments as required under ICDS – Clause 13 (e) of Form 3CD

Income Tax - Adjustments under ICDS will mean additions to arrive at total income in beginning and in later years same additions will have to be deducted in computation of Total income. The adjustments thus are in the nature of only timing difference - advancing the revenue collection - But Tax neutral in the long run. Disclosure with respect to ICDS ...

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ICAI Technical Guide on ICDS

Income Tax - 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 g...

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Request for comments on Draft ICDS on Real Estate Transactions

Income Tax - The draft ICDS on Real Estate Transactions along with the significant changes suggested in ICDS vis-à-vis the Guidance Note issued by ICAI are uploaded on the Income-tax website at http://www.incometaxindia.gov.in....

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Draft ICDS on Real Estate Transactions

Income Tax - This Income Computation and Disclosure Standard shall be applicable for determination of income from all forms of transactions in real estate, which refers to land as well as buildings and rights in relation thereto...

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Applicability of ICDS for May 2017 CA exams

Income Tax - 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), notified ten income computation and disclosure standards (ICDSs) to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-...

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ICDS X- Provisions, Contingent Liabilities & Assets wef A.Y. 2017-18

Income Tax - 1. This Income Computation and Disclosure Standard deals with provisions, contingent liabilities and contingent assets, except those: (a) resulting from financial instruments; (b) resulting from executory contracts; (c) arising in insurance business from contracts with policyholders; and (d) covered by another Income Computation and Discl...

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Delhi High Court held certain ICDS & Part of them Ultra Vires

Chamber of Tax Consultants & Anr Vs. Union Of India & Ors (Delhi High Court) - 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 override binding judicial precedents or provisions of the Act. The power to enact a validation law is an essential legislative power that can be exercised, in the context o...

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Delhi HC admits Petition challenging Constitutional Validity of ICDS

Chamber of Tax Consultants & ANR. Vs Union of India & Ors. (Delhi High Court) - Mr Ganesh states that although at this stage he is not pressing for any ad interim directions, the requirement for compliance of the impugned ICDS would arise at the time filing of returns and therefore it is important that the petition be heard at an early date after completion of pleadings....

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25 FAQs on Income Computation and Disclosure Standards (ICDS)

Circular No. 10/2017-Income Tax - (23/03/2017) - After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation. ...

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CBDT notifies ICDS Applicable from Assessment Year 2017-18

Notification No. 87/2016-Income Tax - (29/09/2016) - CBDT has vide notification No. 87/2016 notifies following income computation and disclosure standards applicable from A.Y. 2017-18- 1. Accounting policies 2. Valuation of inventories 3. construction contracts  4. Revenue Recognition 5. Tangible fixed assets  6. Effects of changes in foreign exchan...

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CBDT rescinds ICDS notified in 2015

Notification No. 86/2016-Income Tax - (29/09/2016) - Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Part-II, Section 3, Sub-section (ii), vide notification number S.O. 892(E) dated the 31st March, 2015, except as respects things done o...

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CBDT notifies Income Computation and Disclosure Standards

Notification No. 32/2015 - Income Tax - (31/03/2015) - 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 un...

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Constitution of Approval Committee for such SEZ notified during 2006 to 2008 without simultaneously notifying constitution of Approval Committee and deemed status of Inland Container Depot for SEZs

NOTIFICATION NO. S.O. 3042(E) - (24/12/2010) - Section 13 of the Special Economic Zones Act, 2005 – Constitution of Approval Committee for such SEZ notified during 2006 to 2008 without simultaneously notifying constitution of Approval Committee and deemed status of Inland Container Depot for SEZs NOTIFICATION NO. S.O. 3042(E), DATED 24-12-...

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Recent Posts in "ICDS"

Draft ICDS on Real Estate Transaction – Important Aspects in less than 1000 words

In order to bring clarity and uniformity in computation of income from real estate transactions, CBDT introduced draft ICDS on Real Estate Transactions in May 2017 which is largely driven by ICAI’s Guidance Note on real estate transactions....

Read More
Posted Under: Income Tax |

ICDS – Brief on Ruling of Hon’ble Delhi High Court

The power under Section 145 (2) of the Act cannot permit changing the basic principles of accounting that have been recognized in various provisions of the Act unless of course corresponding amendments are carried out to the Act itself....

Read More
Posted Under: Income Tax |

Summary of Delhi HC decision on Constitutional Validity of ICDS

The High Court held that the power to enact a validation law is an essential legislative power that can be exercised, in the context of the Act, only by the Parliament and not by the executive. If done so it would be ultra vires the Act and Article 141 read with Article 144 and 265 of the Constitution. Thus, in context of the amendment t...

Read More
Posted Under: Income Tax |

Delhi High Court held certain ICDS & Part of them Ultra Vires

Chamber of Tax Consultants & Anr Vs. Union Of India & Ors (Delhi High Court)

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 override binding judicial precedents or provisions of the Act. The power to enact a validation law is an essential legislative power that can be exercised, in the context of the Act, only by the Parliament and no...

Read More

A comprehensive analysis of ICDS u/s 145 & Reporting in Form 3CD

This Article contains a detailed analysis of ICDS notified u/s 145 of Income-tax Act, 1961 alongwith Suggested Reporting in Form 3CD. The Article is extremely relevant for Tax Audits....

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Posted Under: Income Tax |

ICDS-VI, Effects of changes in Foreign Exchange Rates

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....

Read More
Posted Under: Income Tax |

Adjustments as required under ICDS – Clause 13 (e) of Form 3CD

Adjustments under ICDS will mean additions to arrive at total income in beginning and in later years same additions will have to be deducted in computation of Total income. The adjustments thus are in the nature of only timing difference - advancing the revenue collection - But Tax neutral in the long run. Disclosure with respect to ICDS ...

Read More
Posted Under: Income Tax |

Income Computation and Disclosure Standard- II Valuation of Inventories

ICDS does not specifically provide for the exclusion of WIP arising in the ordinary course of service provider. However it is also not specified any provision for the valuation of inventories....

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Posted Under: Income Tax |

Income Computation and Disclosure Standard I- Accounting Policies

This ICDS deals with application of significant accounting assumptions and policies in computation of income for the purposes of the Act. Financial statements of an Assessee reflect his state of financial affairs. They form the base for computation of taxable income under the Act. The income for a particular year is significantly affected...

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Posted Under: Income Tax |

ICDS Master Disclosures – Clause 13 (f) of Form 3CD

a. Inventories are valued at lower of Cost and Net Realizable Value. The cost has been measured at FIFO / Weighted average basis and includes cost of purchase, cost of services, cost of conversation and other costs incurred in bringing them into their present location and condition. Also refer clause 14 (b) to Form 3CD...

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Posted Under: Income Tax |
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