Dear Professional Colleagues
Central Board of Direct Taxes (CBDT) in accordance with Section 145 (2) of the Income tax Act, 1961, have released 12 draft Income Computation and Disclosure Standards (ICDS) on 08.01.2015, as mentioned below, for the purpose of computation of Income chargeable under the head “Profits and gains of business or profession” or “Income from other sources”.
1. Significant Accounting Policies.
2. Valuation of Inventories.
3. Construction Contracts.
4. Revenue Recognition.
5. Tangible Fixed Assets.
6. The effects of Changes in Foreign Exchange Rates.
7. Government Grants.
8. Securities held as stock in trade.
9. Borrowing Costs.
10. Leases.
11. Intangible Assets.
12. Provisions, Contingent Liabilities and Contingent Assets.
The Comments from stakeholders and general public on these draft ICDSs are to be submitted by 08.02.2015. The ICDSs are to be made effective from the financial year commencing from 01.04.2015.
The draft ICDSs can be down loaded form the website link https://www.finmin.nic.in/the_ministry/dept_revenue/ICDS_draft_CBDT.pdf
Press Notification: https://www.finmin.nic.in/press_room/2015/draft_ICDS.pdf
Regards
Sanjay Gupta
CAclubindia
