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Income computation and disclosure standards is Applicable from A.Y 16-17

Venkat June 7, 2016
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Applicability:

  • Applicable to all Assesses w.e.f AY 16-17.
  • Income Computation and Disclosure Standard (ICDS) is applicable for computation of income chargeable under the head of
    1. Profits and gains of business or profession
    2. Income from other sources

Books Maintenance:

  • The said standards has been  issued for assisting  the tax computation under the heads PGBP & other sources.
  • These standards are not for the purpose of maintenance of books of accounts.
  • However we have to comply the Section 44AA in this regard.

Objective: 

  • Standards has been issued to bring more clarity in the computation of Income.
  • And also harmonizing with the IND AS  notified by the MCA.

List of Standards Applicable:

NAME              ICDS No Accounitng Standard  No
Accounting Policies I 1
Valuation of Inventories II 2
Construction Contract III 7
Revenue Recognition IV 9
Tangible Fixed Asset V 10
Effects of changes in foreign exchange rates VI 11
Government Grants VII 12
Securities VIII 30
Borrowing Costs IX 16
provisions, contingent liabilities and contingent assets X 29

 

Other Important Points

  • ICDS is meant for normal computation of income not for MAT Computation.
  • In the case of conflict between the provisions of the Income‐tax Act, 1961 and Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent

Click here to download the comprehensive guide  

 

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