Icds in tax audit

Save Share

This query is : Resolved

saurabh (Querist)
Follow

27 August 2017 Dear Sir,

I am doing tax audit for my clients in service sector While selecting ICDS applicable, I have mentioned Not applicable, (on mentioning yes it's asking me for deviations ) .

Should I Mention in YES ICDS applicability irrespective of any deviation.

Please let me know whether I am doing it right or wrong

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
Follow

29 August 2017 The first query is regarding the applicability of ICDS which can be mentioned as YES if applicable. For the case of deviations you need to go through the ICDS and verify the accounting policies. If there is any deviation, the same has to be mentioned. You may find deviation with respect to ICDS 2- Inventories

Meenu

Meenu (Expert)
Follow

31 August 2017 ICDS IS APPLICABLE TO ALL COMPANIES - HENCE IF IS A COMPANY THEN ICDS ARE APPLICABLE BY DEFAULT. IN CASE THERE IS NO DEVIATION U CAN MENTION "0"
IT BEING A SERVICE SECTOR PLS DOUBLE CHECK IF ALL ICDS ARE COMPLIED WITH. WRONG DISCLOSURE SHALL LEAD TO 144 BEST JUDGEMENT ASSESSMENT

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now