Is there any adjustment required in opening stock as per ICDS Computation of inventory valuation under inclusive method?
1 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 10 August 2017
If an exclusive method is followed for the purpose of valuation of inventory as per AS, the tax payer would be required to prepare the memorandum account to demonstrate that vis-à-vis inclusive method, it is tax neutral. This will be in compliance with section 145A and ICDS.
No adjustment required in the books of accounts because ICDS does not apply for the purpose of maintenance of books of account.
Recent Topics
- TDS on related party transaction eg loan
- Is GST applicable on services rendered to overseas
- TIMING OF TDS ENRY IN BOOKS OF ACCOUNTS
- GST ITC Eligibility on Services
- Taxability on selling shares in 1 demat account an
- We file income tax return fy 2006-2007 but tds ben
- Order received from Overseas company to deliver ma
- Maintenance of the Register of Member in Case of P
- TDS on gift from real brother into NRO account - s
- Treatment of Branch transfers under GST to differe
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
