10 Income Computation and Disclosure Standards (ICDS) Notified by Central Government

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CA MANJUNATH R S

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Apr 4, 2015, 6:27:03 AM4/4/15

to Suman & Manjunatha

Dear All,

CBDT has issued notification dated 31st March 2015 and notified Income Computation and Disclosure Standards (ICDS) under The Income Tax Act, 1961. ICDS shall be effective from 1st April, 2015 viz Assessment Year 2016-17 and subsequent years. Please find attached Notification for your reference.

Notified ICDS:

1. Accounting Policies,

2. Valuation of Inventories,

3. Construction Contracts,

4. Revenue Recognition,

5. Tangible Fixed Assets,

6. Effects of Changes in Foreign Exchange Rates,

7. Government Grants,

8. Securities,

9. Borrowing Costs,

10. Provisions Contingent Liabilities and

11. Contingent Assets

Applicability:

ICDS will be applicable to all assessees, following the mercantile system of accounting, for computing income chargeable to income-tax under the head “Profit and gains of business or profession” or “ Income from other sources”

Applicable Date:

Notification effective from April 1, 2015 and will apply to AY 2016-17 and subsequent AYs

Thanks & Regards,

CA Manjunath R S  BBM, ACA
Partner
M/s Suman & Manjunatha
Chartered Accountants,
No 20/3, 1st Floor,
Opp Vasavi Convention Hall,
Vanivilas Road, Basavanagudi,
Bangalore - 560 004

Ph:- +91 98809 19391