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TMI Short Notes on various issues


  1. Change in accounting policy - When is to be changed - What should be the basis for change in accounting policy

  2. Accrual of income - Scope of ICDS - If there is conflict between Section 5 and Section 145, which would prevail

  3. ICDS - Accrual basis of Accounting - Accrual of income versus Receipt of income

  4. Bad debts out of income recognised on the basis of ICDS but not yet recognised in books of account

  5. Applicability of ICDS for the purpose of disallowance u/s 40(a)(i) and 40(a)(ia)

  6. Applicability of ICDS on TDS

  7. Maintenance of Books of accounts for the purpose of ICDS

  8. Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

  9. Whether it is required to disclose a change in the accounting policies if it has no material effect for the current previous year.

  10. ICDS-I provides that an accounting policy shall not be changed without ’reasonable cause’. The term ’reasonable cause’ is not defined. What shall constitute ’reasonable cause’.

  11. Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.

  12. When does an assessee is required to make disclosures of fundamental accounting assumptions as per ICDS-I.

  13. What is the scope of Going Concern as per ICDS I.

  14. ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

  15. In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

  16. Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

  17. When can a provision be recognized as per ICDS X.

  18. What is the impact of ICDS X containing transitional provisions.

  19. Can any expenditure should set off against a provision recognised for another expendiure.

  20. Under ICDS X, whether reversal of an asset and the related income would mean that the entry which was originally passed for recognition of the asset and the income should be reversed, or whether the asset should be written off as a bad debt under section 36(1)(vii).


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