Icds vs as
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 April 2018
Can we adopt As-16 Borrowing cost instead of ICDS-IX ?
Is ICDS are compulsory?
Is ICDS are compulsory?
04 April 2018
Compulsory. ICDS shall apply for computation of taxable income under thehead
Profit and gains of business or profession” or “Income from othersources” under
the Income Tax Act. This is irrespective of theaccounting standards adopted by
companies i.e. either AccountingStandards or Ind-AS.
Profit and gains of business or profession” or “Income from othersources” under
the Income Tax Act. This is irrespective of theaccounting standards adopted by
companies i.e. either AccountingStandards or Ind-AS.
CA Rashmi Gandhi
(Expert)
05 April 2018
ICDS & AS are two separate standards. ICDS applicable while we calculate taxable income while AS is set of rules for accounting.
So while you are accounting you have to follow AS but while you are working on taxable income you have to use ICDS.
Both are not interchangeable. So you can't adopt AS in place of ICDS.
So while you are accounting you have to follow AS but while you are working on taxable income you have to use ICDS.
Both are not interchangeable. So you can't adopt AS in place of ICDS.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- TDS on Fixed Assets purchased
- Capitalgain tax purposes for valuation report compulsory
- Non filing of I T Returns
- Oct 2025 Invoices
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
