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Summary of First 2 ICDS issue by CBDT

Income Tax - Direct Tax Code - DTC - By: - Deepak Aggarwal - Dated:- 3-4-2015 - Income Computation and Disclosure Standards (ICDS) Issued by CBDT under power under section 145(2) of Income Tax Act, 1961 vide notification no.32/2015, dated 31-3-2015 Purpose: Computation of Income under PGBP head and Income from Other sources head Applicability: All assessee following mercantile accounting system W.e.f. 01/04/2015 i.e. Assessment year 2016-1 .....

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ficant policies need to be disclosed , All material changes with amount need to be disclosed, in case changes not ascertainable then fact need to be disclosed , if change in accounting policies impact previous years then fact need to be disclosed in relevant previous years, disclosures itself not a remedy of a wrongful treatment of an item , Fact in case fundamental accountning assumption not followed. ii Valuation of Inventories 1) Not covered items - work in progress ari .....

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