ICDS
Section 145B – Missing – what is preached ?
Income Tax - A company is eligible for a non-export incentive. It has during FY 2017-18, complied with the criteria of reasonable certainty for receiving a non-export incentive. The company the same in books as per accounting standards....
Read MoreICDS Income Tax: Understanding The Change
Income Tax - ICDS Income Tax is not meant for maintenance of books of accounts or preparation of financial statements. Persons are required to maintain books and prepare financial statements as per accounting policies applicable to them. Companies are required to maintain books of account and prepare financial statements as per requirements of Compani...
Read MoreICDS – A Roller Coaster Ride!
Income Tax - The journey of ICDS has been an interesting roller coaster ride – first introduced, then deferred, then partly struck down by Delhi High Court and now with a re-birth under the Act, that too with retrospective effect from AY 2017-18....
Read MoreAnother one bites the dust!! Finance Bill 2018 proposes to nullify yet some more important judicial precedents!!
Income Tax - In the year 2012, the then Government had introduced retrospective amendments to the Indian Income- tax Act in order to nullify the decision rendered by the Apex Court in the case of Vodafone International Holdings B.V. vs Union of India with regard to taxation of indirect transfer of shares....
Read MoreBudget 2018 backs legality of ICDS
Income Tax - India Inc. was promised that the government will be staying away from resorting to any retrospective amendment. Conversely, the Finance Bill 2018, has proposed various retrospective amendments to Income-tax Act, 1961 (the Act) for adopting several provisions of Income Computation and Disclosure Standards (ICDS) which are poles apart from ...
Read MoreICAI 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...
Read MoreRequest 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....
Read MoreDraft 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...
Read MoreApplicability 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-...
Read MoreICDS 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...
Read MoreSummary of Delhi HC Judgement in Chamber of tax Consultants Vs. UOI
The chamber of Tax Consultants and Anr. Vs UOI (Delhi High Court) - The notification notifying ICDS is contrary to the settled law since its implementation would nullify the judgements of the Supreme Court and the High Courts. This method of overriding the binding decision of Courts by the executive was contrary to law explained in Shri Prithvi Cotton Mills Limited ...
Read MoreDelhi 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...
Read MoreDelhi 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 More25 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. ...
Read MoreCBDT 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...
Read MoreCBDT 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...
Read MoreCBDT 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...
Read MoreConstitution 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-...
Read MoreRecent Posts in "ICDS"
Section 145B – Missing – what is preached ?
ICDS Income Tax: Understanding The Change
ICDS – A Roller Coaster Ride!
Another one bites the dust!! Finance Bill 2018 proposes to nullify yet some more important judicial precedents!!
Budget 2018 backs legality of ICDS
Budget 2018 gives ICDS retrospective statutory backing
Summary of Delhi HC Judgement in Chamber of tax Consultants Vs. UOI
The chamber of Tax Consultants and Anr. Vs UOI (Delhi High Court) -
Treatment of Forward Contracts Under Income Tax
Draft ICDS on Real Estate Transaction – Important Aspects in less than 1000 words
ICDS – Brief on Ruling of Hon’ble Delhi High Court
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