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Accounting Policies - only for AY 2016-17

ICDS - 01 (old) - Rule - Old - ICDS for AY 2016-17 (Since withdrawn) - Other Direct Tax / Income Tax - ICDS - 01 (old) - Accounting Policies [See: Notification No. 32/2015 Dated:- 31-3-2015] [ Came into force with effect from 1st day of April, 2015, .....

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putation of income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions .....

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licies. Fundamental Accounting Assumptions 2. The following are fundamental accounting assumptions, namely: - (a) Going Concern "Going concern" refers to the assumption that the person has neither the intention nor the necessity of liquidat .....

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g policies are consistent from one period to another; (c) Accrual "Accrual" refers to the assumption that revenues and costs are accrued, that is, recognised as they are earned or incurred (and not as money is received or paid) and recorded .....

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ounting Policies 4. Accounting policies adopted by a person shall be such so as to represent a true and fair view of the state of affairs and income of the business, profession or vocation. For this purpose, (i) the treatment and presentation of tran .....

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r Income Computation and Disclosure Standard. 5. An accounting policy shall not be changed without reasonable cause. Disclosure of Accounting Policies 6. All significant accounting policies adopted by a person shall be disclosed. 7. Any change in an .....

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e indicated. If a change is made in the accounting policies which has no material effect for the current previous year but which is reasonably expected to have a material effect in later previous years, the fact of such change shall be appropriately .....

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