What is the impact of ICDS X containing transitional provisions.

Manual - ICDS X : Provisions, Contingent Liabilities & Contingent Assets

ICDS X provides that all the provisions or assets and related income shall be recognised for the previous year commencing on or after 1st day of April 2016 in accordance with the provisions of this standard after taking into account the amount recognised, if any, for the same for any previous year ending on or before 31st day of March, 2016.

The intent of transitional provision is that there is neither ”double taxation‟ of income due to application of ICDS nor there should be escape of any income due to application of ICDS from a particular date.

Dated: 2-9-2017