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Introduction - Income computation and disclosure standards (ICDS)

Income Tax - Income computation and disclosure standards - 01 - Income Computation and Disclosure Standards Income Computation and Disclosure Standards (ICDS) have come into force from 1-4- 2017, i.e. assessment year 2017-18, and would apply to all a .....

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tax under the head Profits and gains of business or profession or Income from other sources . These ICDSs will be a new paradigm for computing taxable income of the assessee. Taxable profits would now be determined after making appropriate adjustmen .....

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ation of inventories (w.e.f. AY 2017-18) ICDS - 03 : III - Construction contracts (w.e.f. AY 2017-18) ICDS - 04 : IV - Revenue recognition (w.e.f. AY 2017-18) ICDS - 05 : V - Tangible fixed assets (w.e.f. AY 2017-18) ICDS - 06 : VI - Effects of chang .....

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lities and contingent assets (w.e.f. AY 2017-18) Notes:- Net effect on the income due to application of ICDS is to be disclosed in the Return of income. The disclosures shall be made in the tax audit report in Form 3CD. However, there shall not be an .....

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the amount of net effect under each ICDS is required to be disclosed. The provisions of ICDS apply to all taxpayers, irrespective of the residential status. However, where a non-resident taxpayer falls under a presumptive tax scheme, the provisions o .....

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sumptive tax schemes, they would not be liable tax audit under section 44AB, and would fall under the exclusion clause of ICDS. Hence ICDS would not apply. However, if a tax payer opts out of a presumptive taxation, he is required to get his/its acco .....

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