Income Tax : The CBDT framework explains standardized rules for income computation under ICDS. It ensures consistency in tax reporting and redu...
Income Tax : ICDS, mandatory for 'Mercantile system' assessees, ensures uniform taxable income computation under the Income-tax Act. These FAQs...
Income Tax : Analysis of Capital Gains Exemptions (Sec 54, 54B, 54EC, 54F, etc.) for individuals and businesses, covering reinvestment in prope...
Income Tax : Summary of Income Computation and Disclosure Standards (ICDS) and their mandatory reconciliation with Accounting Standards for cal...
Income Tax : PGBP governs the computation of business and professional income. It defines chargeable income (Sec. 28, 41) including statutory a...
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 : The Kolkata ITAT quashed the Section 263 revision, confirming that the Assessing Officer (AO) had specifically examined and accept...
Income Tax : ITAT Ahmedabad held that addition by adopting Percentage Completion Method cannot be sustained as department already accepted Proj...
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 : 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...
The CBDT framework explains standardized rules for income computation under ICDS. It ensures consistency in tax reporting and reduces disputes in applying accounting principles.
The Kolkata ITAT quashed the Section 263 revision, confirming that the Assessing Officer (AO) had specifically examined and accepted the ICDS adjustments during scrutiny. The tribunal held that when the AO conducts due inquiry and takes a plausible view, the assessment is neither erroneous nor prejudicial to the Revenue’s interest.
ICDS, mandatory for ‘Mercantile system’ assessees, ensures uniform taxable income computation under the Income-tax Act. These FAQs cover ICDS III (Construction Contracts), IV (Revenue Recognition), V (Fixed Assets), VI (Foreign Currency), VII (Government Grants), VIII (Securities), IX (Borrowing Costs), X (Provisions), I (Accounting Policies), and II (Inventories), detailing their scope, applicability to presumptive taxation/AMT, and required Form 3CD disclosures.
Analysis of Capital Gains Exemptions (Sec 54, 54B, 54EC, 54F, etc.) for individuals and businesses, covering reinvestment in property, agricultural land, specified bonds, and industrial relocation, including judicial view on compliance requirements.
Summary of Income Computation and Disclosure Standards (ICDS) and their mandatory reconciliation with Accounting Standards for calculating taxable income under the Income-tax Act.
PGBP governs the computation of business and professional income. It defines chargeable income (Sec. 28, 41) including statutory and deemed receipts, and allows detailed deductions (Sec. 30-37) for operational costs, depreciation, scientific research (Sec. 35), and capital expenditures for specified businesses (Sec. 35AD).
Practical guide to tax audit under Section 44AB for trader assessees, covering groundwork, data analysis, compliance checks, and final reporting.
ITAT Ahmedabad held that addition by adopting Percentage Completion Method cannot be sustained as department already accepted Project Completion Method in earlier years. Accordingly, appeal allowed and addition set aside.
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.
