Tag Archives: Applicability of ICDS

Income Computation and Disclosure Standards

Income Computation and Disclosure Standards

Income Computation and Disclosure Standards (ICDS) have been notified u / s 145 (2) of the Income Tax Act, 1961 vide Notification No. S.O. 3079 (E) dated September 29th 2016. On 23rd March, 2017, certain clarifications were issued by CBDT by way of FAQs.

Below mentioned are the 10 ICDS that are notified up to the date:

  1. Accounting Policies
  2. Valuation of Inventories
  3. Construction Contracts
  4. Revenue Recognition
  5. Tangible Fixed Assets
  6. Effect of Changes in Foreign Exchange Rates
  7. Government Grants
  8. Securities
  9. Borrowing Costs
  10. Provisions, Contingent Liabilities & Contingent Assets

Applicability of ICDS:-
ICDS is applicable to all assesses having Income … Read more