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TMI Short Notes on various issues

 

  1. Is it correct that even service providers are now required to record inventory?

  2. Does ICDS II apply to the trader or dealer of livestock, agriculture and forest products mineral oils, ores and gases.

  3. Does provisions of ICDS II apply to shares of a company in which public are not substantially interested.

  4. Does the provisions of ICDS II apply on derivatives.

  5. 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.

  6. As per ICDS-I the Marked to Market loss or an expected loss shall not he recognized unless the recognition is in accordance with the provisions of any other ICDS. Whether similar consideration applies to recognition of Marked to Market gain or expected incomes.

  7. Since ICDS is not applicable for the purposes of maintenance of books of account, then what is the purpose and ambit of ICDS I on Accounting Policies as accounting policies are applied for maintenance of books of accounts and preparing financial statements.

  8. Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

  9. Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

  10. In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

  11. Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

  12. Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

  13. Does ICDS apply to the applicability aspect of the TDS.

  14. How will ICDS apply to companies which adopted Ind-AS. (Indian accounting standards)

  15. Whether ICDS is applicable to Non-Residents whose income is liable to be taxed at a flat rate of tax like interest, royalty and fees for technical services u/s 115A.

  16. Whether the provisions of ICDS shall apply to Banks, Non-banking financial institutions, Insurance companies, Power sector, etc.

  17. Can ICDS would apply to other categories of taxpayers whose income is taxed under presumptive tax schemes (i.e. u/s 44AD, 44ADA, 44AE, 4BB, 44BBA, 44BBB) as there is no specific exclusion provided.

  18. Can a assessee opt to change his method of accounting from mercantile to cash basis.

  19. Can a assessee can follow different methods of accounting for different sources of income under the same head of income, or different heads of income.

  20. Can ICDS apply to a person following cash system of accounting and to the person whose books of account for the year are not required to be audited u/s 44AB.

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