Icds vs as

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2018 Can we adopt As-16 Borrowing cost instead of ICDS-IX ?
Is ICDS are compulsory?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

04 April 2018 Compulsory. ICDS shall apply for computation of taxable income under thehead
Profit and gains of business or profession” or “Income from othersources” under
the Income Tax Act. This is irrespective of theaccounting standards adopted by
companies i.e. either AccountingStandards or Ind-AS.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

05 April 2018 ICDS & AS are two separate standards. ICDS applicable while we calculate taxable income while AS is set of rules for accounting.
So while you are accounting you have to follow AS but while you are working on taxable income you have to use ICDS.

Both are not interchangeable. So you can't adopt AS in place of ICDS.

Upgrade to CAclubindia Pro. Subscribe Now!