Effect of icds 2 on tax liability

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48 Points Posted on 26 September 2017

Hello!!

I have a query based on ICDS 2, I am clear about provisions but my basic doubt is about whether the Effect of ICDS (i,e. Increase in the value of stock) will be added to the Business  profit in calculating the Tax Liability??? OR such increase in stock is only for Disclosure purpose.

For Example:(Partnership Concern)

If my stock value increased by 1 lakh as effect of ICDS. & My current profit is 3 lakhs. For computation of Income Tax whether i need to add 1 lakh to my profits for calculation of Tax Liability. OR I pay tax on 3 lakhs and show 1 lakh as disclosure.

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On 26 September 2017 at 11:29 Report
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accountant
31 Points Posted on 26 September 2017
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On 26 September 2017 at 13:31
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accountant
31 Points Posted on 26 September 2017
cc vvv v vv. vvvv. vvv vvvv vv vvvvvvv vvvv a I hggvygh yg h uGN h have uuvvvv vvv v vvvvv ChugeV hvhhhvgave ggvyg h hv vvvcvvvvvv.I h vvv. vvh I v v vvgggvvyvvv. gv vvvvvv vvv vvvvvvv. v. vvv. c vv. c v vvv. vvv v v v. v v v v. vvvvv CV. vvvvvvv. vvvv vv vvvvvvv vv v vvvv. v vvv vvvv. v. v. v. c. cc c. v. c. v. vvv v c vvvv vv c vvvv v vvvv v vvv cc. v. c. c. c. c c v. c. c. v. cc cc. c vvvv v c c c c c cc. cc cc. cc. c. v. vgg. v. c. v v. v. CG c
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On 26 September 2017 at 13:31
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accountant
31 Points Posted on 26 September 2017
cc vvv v vv. vvvv. vvv vvvv vv vvvvvvv vvvv a I hggvygh yg h uGN h have uuvvvv vvv v vvvvv ChugeV hvhhhvgave ggvyg h hv vvvcvvvvvv.I h vvv. vvh I v v vvgggvvyvvv. gv vvvvvv vvv vvvvvvv. v. vvv. c vv. c v vvv. vvv v v v. v v v v. vvvvv CV. vvvvvvv. vvvv vv vvvvvvv vv v vvvv. v vvv vvvv. v. v. v. c. cc c. v. c. v. vvv v c vvvv vv c vvvv v vvvv v vvv cc. v. c. c. c. c c v. c. c. v. cc cc. c vvvv v c c c c c cc. cc cc. cc. c. v. vgg. v. c. v v. v. CG c
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On 26 September 2017 at 13:31
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accountant
31 Points Posted on 26 September 2017
cc vvv v vv. vvvv. vvv vvvv vv vvvvvvv vvvv a I hggvygh yg h uGN h have uuvvvv vvv v vvvvv ChugeV hvhhhvgave ggvyg h hv vvvcvvvvvv.I h vvv. vvh I v v vvgggvvyvvv. gv vvvvvv vvv vvvvvvvvvvvvvvv. v. vvv. c vv. c v vvv. vvv v v v. v v v v. vvvvv CV. vvvvvvv. vvvv vv vvvvvvv vv v vvvv. v vvv vvvv. v. v. v. c. cc c. v. c. v. vvv v c vvvv vv c vvvv v vvvv v vvv cc. v. c. c. c. c c v. c. c. v. cc cc. c vvvv v c c c c c cc. cc cc. cc. c. v. vgg. v. c. v v. v. CG c
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On 26 September 2017 at 13:31
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accountant
31 Points Posted on 26 September 2017
b. v
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On 26 September 2017 at 13:32
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Article
48 Points Posted on 26 September 2017

Did you really replied to my Question. I didnt understood anything????????????

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On 26 September 2017 at 15:08
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student
24 Points Posted on 26 September 2017
No one understand anything .....what is it...lol
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On 26 September 2017 at 16:45
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student
24 Points Posted on 26 September 2017
No one understand anything .....what is it...lol
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On 26 September 2017 at 16:45
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CA Final
278 Points Posted on 26 September 2017
Originally posted by : Asma
Hello!!

I have a query based on ICDS 2, I am clear about provisions but my basic doubt is about whether the Effect of ICDS (i,e. Increase in the value of stock) will be added to the Business  profit in calculating the Tax Liability??? OR such increase in stock is only for Disclosure purpose.

For Example:(Partnership Concern)

If my stock value increased by 1 lakh as effect of ICDS. & My current profit is 3 lakhs. For computation of Income Tax whether i need to add 1 lakh to my profits for calculation of Tax Liability. OR I pay tax on 3 lakhs and show 1 lakh as disclosure.

Need to add such amount of Rs.1 Lakh while computing the business profit under Income by giving effect of ICDS income.

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On 26 September 2017 at 21:38
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Article
48 Points Posted on 27 September 2017

Thankyou Mahesh sir,

It means I have to pay Taxes on 4 lakhs (3 lakhs profit + 1 lakh ICDS Income). If it is like that can u please provide any further material or link for my clarification.

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On 27 September 2017 at 11:00

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