Its a presentation of ICDS way forward #pdf
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Income Computation and
Disclosure Standards (ICDS)
Applicability:
Financial Year 2015-16 (AY 2016-17)
Scope of Applicability:
1. Profit and gains of business or profession.
2. Income from other sources.
Reason for adoption:
1.Impact in estimation of advance tax liability.
2.Non-Compliance will result in Best Judgement Assessment.
3.Clarity on income taxability and compliance reporting.
4.Impact on current tax and deferred tax calculation and
disclosures.
5.Reporting requirement under new Income Tax Returns.
Way forward:
1.Understanding the business of the assessee.
2.Understanding of ICDSs.
3.ICDS’s impact assessment.
4.Reporting.
5.Continuous monitoring .
Disclosure in AY 2016-17 ITR’s:
Notified ICDS:
S. No.Description
ICDS IAccounting policies
ICDS IIValuation of inventories
ICDS IIIConstruction contracts
ICDS IVRevenue recognition
ICDS VTangible fixed assets
ICDS VIEffects of changes in foreign exchange rates
ICDS VIIGovernment grants
ICDS VIIISecurities
ICDS IXBorrowing costs
ICDS XProvisions, contingent liabilities and contingent assets
PradeepKumar Rajput, CA,CS,CWA
8130682696
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