ICDS

Changes in Tax Audit Report – Form 3CD (AY 2017-18)

Income Tax - I. Changes in Tax Audit Report – Form 3CD relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reporting Adjustments t...

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Comparison between Accounting standards & ICDS

Income Tax - As CBDT has made mandatory compliance of Income computation & Disclosure standards w.e.f AY 2017-18 for person having income from the business or profession (Except individual or HUF not require to tax Audit). There are only the point of differentiation with AS considered with corresponding provision of relevant accounting standards....

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E-Book on Income Computation and Disclosure Standards

Income Tax - It’s my pleasure to publish this e-book on Income Computation and Disclosure Standards. This e-book is an attempt to summarize the relevant provisions of Income Computation and Disclosure Standards in comparison with provisions of Accounting Standards. Relevant sections of Income Tax Act, 1961 are also discussed at appropriate places....

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Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part II

Income Tax - In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)...

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Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part I

Income Tax - Article compares Revised ICDS (Income Computation & Disclosure Standards, Applicable From AY 2017-18 With Respective Accounting Standards...

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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 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"

Changes in Tax Audit Report – Form 3CD (AY 2017-18)

I. Changes in Tax Audit Report – Form 3CD relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reporting Adjustments t...

Read More
Posted Under: Income Tax |

Comparison between Accounting standards & ICDS

As CBDT has made mandatory compliance of Income computation & Disclosure standards w.e.f AY 2017-18 for person having income from the business or profession (Except individual or HUF not require to tax Audit). There are only the point of differentiation with AS considered with corresponding provision of relevant accounting standards....

Read More
Posted Under: Income Tax |

ICAI Technical Guide on ICDS

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...

Read More
Posted Under: Income Tax |

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....

Read More

E-Book on Income Computation and Disclosure Standards

It’s my pleasure to publish this e-book on Income Computation and Disclosure Standards. This e-book is an attempt to summarize the relevant provisions of Income Computation and Disclosure Standards in comparison with provisions of Accounting Standards. Relevant sections of Income Tax Act, 1961 are also discussed at appropriate places....

Read More
Posted Under: Income Tax |

Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part II

In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)...

Read More
Posted Under: Income Tax |

Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part I

Article compares Revised ICDS (Income Computation & Disclosure Standards, Applicable From AY 2017-18 With Respective Accounting Standards...

Read More
Posted Under: Income Tax |

Draft Income Computation & Disclosure Standard (ICDS) on Real Estate Transactions

Section 145 (2) of the Income Tax Act, 1961 provides that the Central Government may notify Income Computation & Disclosure Standards (ICDS) for any class of assesses or for any class of income....

Read More
Posted Under: Income Tax |

Request for comments on Draft ICDS on Real Estate Transactions

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....

Read More
Posted Under: Income Tax |

Draft ICDS on Real Estate Transactions

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...

Read More
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