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Its a presentation of ICDS way forward #pdf
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Income Computation and Disclosure Standards (ICDS) Applicability: Financial Year 2015-16 (AY 2016-17) Scope of Applicability: 1. Profit and gains of business or profession. 2. Income from other sources. Reason for adoption: 1.Impact in estimation of advance tax liability. 2.Non-Compliance will result in Best Judgement Assessment. 3.Clarity on income taxability and compliance reporting. 4.Impact on current tax and deferred tax calculation and disclosures. 5.Reporting requirement under new Income Tax Returns. Way forward: 1.Understanding the business of the assessee. 2.Understanding of ICDSs. 3.ICDS’s impact assessment. 4.Reporting. 5.Continuous monitoring . Disclosure in AY 2016-17 ITR’s: Notified ICDS: S. No.Description ICDS IAccounting policies ICDS IIValuation of inventories ICDS IIIConstruction contracts ICDS IVRevenue recognition ICDS VTangible fixed assets ICDS VIEffects of changes in foreign exchange rates ICDS VIIGovernment grants ICDS VIIISecurities ICDS IXBorrowing costs ICDS XProvisions, contingent liabilities and contingent assets PradeepKumar Rajput, CA,CS,CWA 8130682696

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