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ICDS Disclosure in 3CD

rahul (87 shanti priya nagar) (28 Points)

03 July 2017

Kindly suggest me the disclosures which are necessary to be made while making 3CD for the A.Y. 2017-18?

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10 Replies

Pranay Teja (Student) (60 Points)
Replied 03 July 2017

As you might already know that 10 Icds are notified and applicable for AY 2017-18 which are to be reported in income tax return and form 3cd.
Adequate disclosures as to applicability of a particular standard and its effect on profit (increase or decrease) are required to be disclosed in the form 3cd. Form 3cd has been amended in accordance with the notified standards

rahul (87 shanti priya nagar) (28 Points)
Replied 03 July 2017

Thanks Pranay Teja for the reply but i want to know that if my client is following all the accounting standards while preparing the financial statements then kindly let me know whether there is any deviation in profit as per icds which need to be mentioned in 13(e) of 3cd and can i disclose the same accounting policies (as per AS) in the icds disclosure requirements in 13(f) of 3cd??

Pranay Teja (Student) (60 Points)
Replied 03 July 2017

Sir, the revised Icds are in line with the accounting standards of ICAI.. Caution is required with respect to as-10 property plant and equipment as the same is revised or consolidated after the revised Icds.. the effect would be with respect to long pending from use store items... except PPE, rest icds standards are in line with

Pranay Teja (Student) (60 Points)
Replied 03 July 2017

accounting standards.... however impact needs to be calculated if the client needs to follow ind as in the future... therefore deviation with respect to store items needs to be mentioned, if any

rahul (87 shanti priya nagar) (28 Points)
Replied 03 July 2017

Ok thanks for solving the doubt, there is no such store item which needs to be mentioned so can i disclose the same accounting policies in the disclosure requirements of ICDS?

Pranay Teja (Student) (60 Points)
Replied 04 July 2017

yes... provided you're complying with the accounting standards

rahul (87 shanti priya nagar) (28 Points)
Replied 04 July 2017

Okk sir thanks a lot..

SANDIP (ARTICLE ASSISTANT) (213 Points)
Replied 31 July 2017

Kindly suggest me the disclosures which are necessary to be made while making 3CD for the A.Y. 2017-18?

kindly suggest samel disclosure for small entities for each icds