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Amendments in relation to notified Income Computation and Disclosure Standards.

Budget - Dated:- 5-2-2018 - At present, section 145 of the Act empowers the Central government to notify Income Computation and Disclosure Standards (ICDS). In pursuance the central government has notified ten such standards effective from 1st April .....

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able to income-tax under the head Profits and gains of business or profession or Income from other sources . In order to bring certainty in the wake of recent judicial pronouncements on the issue of applicability of ICDS, it is proposed to - (i) amen .....

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d 40A of the Act to provide that no deduction or allowance in respect of marked to market loss or other expected loss shall be allowed except as allowable under newly inserted clause (xviii) of sub-section(1) of section 36. (iii) insert a new section .....

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hich shall be computed in the manner provided in ICDS as notified under sub-section (2) of section 145. (iv) insert a new section 43CB in the Act to provide that profits arising from a construction contract or a contract for providing services shall .....

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. (v) amend section 145A of the Act to provide that, for the purpose of determining the income chargeable under the head Profits and gains of business or profession,- (a) the valuation of inventory shall be made at lower of actual cost or net realiza .....

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, duty, cess or fee actually paid or incurred by the assessee to bring the goods or services to the place of its location and condition as on the date of valuation. (c) inventory being securities not listed, or listed but not quoted, on a recognised .....

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or net realisable value in the manner providedin income computation and disclosure standards notified under (2) of section 145 and for this purpose the comparison of actual cost and net realisable value shall be done category-wise. (vi) insert a new .....

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xport incentives shall be deemed to be the income of the previous year in which reasonable certainty of its realisation is achieved. (c) income referred to in sub-clause (xviii) of clause (24) of section 2 shall be deemed to be the income of the prev .....

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