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...
Finance : 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 exchan...
Income Tax : The word `Subsidy’ is a word of pivotal importance and finds a mention in the American Heritage Dictionary of the English Langua...
Income Tax : TO INCOME TAX Section 145(2), Central Govt. is empowered to notify ICDS for, applicable from A.Y 2017-18 – Class of Per...
Income Tax : 1. ICDS will applicable for computation of income chargeable under the head PGBP or Other Sources. 2. In case of conflict between ...
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...
After notification of ICDS, it has been brought to the notice of the Central Board of Direct Taxes by the stakeholders that certain provisions of ICDS may need further clarification/ guidance for proper implementation. These implementation issues raised by the stakeholders have been referred to an expert committee comprising of departmental officers and professionals and the committee is currently examining these issues.
Introduction Section 145(2) empowers central government to notify in accounting standards to be followed by any class of assessees or in respect of any class of income. In exercise of the mentioned powers central government had earlier notified only 2 accounting standards i.e. i.e. ‘Disclosure of Accounting Policies’ & ‘Disclosure of Prior Period Items and Extraordinary […]
As we are sailing across the revolution in Indian regulatory framework as evidenced by development in Companies Act, Ind-AS and Prospective Goods and service Tax meanwhile Central Board of Direct Tax has notified as per power conferred u/s 145(2) ten Income Computation and Disclosure Standards (ICDSs) to be followed by all assesses for any class of income to be considered while computing taxable income for Assessment Year starting from 1st April 2016.
CBDT constituted Accounting Standard Committee in 2010.The committee has submitted its final report in August 2012. And on March 31st 2015 i.e. after two years, 10 Income Computation & Disclosure Standards (‘ICDS’) notified by the CBDT under section 145(2) of the income tax act 1961(the act) vide ‘notification No. 32/2015 [F.NO.134/48/2010-TPL]/SO 892(E) Dated 31 March 2015 and committee recommended the nomenclature of Tax Accounting Standards for the standards notified u/s 145(2). Since this standard are meant to be adopted for computation of income. Hence section 145(2) as amended refers to Income Computation and Disclosure Standards.
CA Himanshu Gupta Introduction The Central Government recently notified 10 Income Tax Computation & Disclosure Standards (ICDS) effective financial year 2015–16. This will affect the compliance practice of all taxpayers following the mercantile system of accounting for computing income chargeable to income tax under the heads: Profits and gains of business or profession or Income […]
This Income Computation and Disclosure Standard is applicable to all the assesses following mercantile system of accounting for computation of income chargeable under the head Profits and gains of business or profession or Income from other sources and not for the purpose of maintenance of books of accounts.
CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head Profit and gains of business or profession or Income from other sources. The effective dates of such ICDSs are 1st April, 2015 and shall accordingly apply to the Assessment Year 2016-17 and subsequent assessment years.
All contract or transactions existing on the 1st day of April, 2015 or entered into on or after the 1st day of April, 2015 shall be dealt with in accordance with the provisions of Income Computation and Disclosure Standards
Background-: 1. I am sure, you would be aware of the Income Computation and Disclosure Standard. This article is about the applicability of the ICDS. Issue-: 2. Can ICDS override the express decisions of honourable Supreme court and various high courts when there is no change in the basic ACT which defines meaning of income etc. […]
There always has been conflict between the Income as per Books and taxable income compute for income tax to overcome this issue the CBDT constituted a committee in 2010 to look the Accounting Standards for the computation of taxable income rather than just of accounting purpose named as TAS (Tax Accounting Standards) later is changed in to ICDS.
