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...
Press Information Bureau Government of India Ministry of Finance 09-January-2015 14:02 IST New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015. Sub- section (1) of Section 145 of the Income-tax Act, […]
In order to clarify that the standards notified under section 145(2) of the Act are to be followed for computation of income and disclosure of information by any class of assessees or for any class of income, it is proposed to provide that the Central Government may notify in the Official Gazette from time to time income computation and disclosure standards to be followed by any class of or in respect of any class of income.
Sec. 145 (2) of Income tax Act empowers Central Government to issue Accounting Standards for computation of income.Earlier the Ministry of Finance has notified two accounting standards ‘Disclosure of Accounting Policies’ and ‘ Disclosure of Prior Period Items and Extraordinary Items and Changes in Accounting Policies’.
TAS are now meant to be the basis of computation of taxable income by a mere notification. As a result there would be amendments in the law without requiring amendments in the Act. One of the purpose of TAS is to harmonize the accounting standards issued by ICAI with the direct tax laws in India.
Section 145 of the Income-tax Act, 1961 provides that the method of accounting for computation of income under the head ‘Profits and gains of business or profession’ and ‘Income from other sources’ can either be the cash or mercantile system of accounting. The Finance Act, 1995 empowered the Central Government to notify Accounting Standards for any class of assessees or for any class of income.
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 24-12-2010 Whereas, the Central Government, in exercise of the powers conferred by […]
