Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit
 
 
Direct Tax »
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30

CBDT notifies new draft of 12 income computation standards
January, 10th 2015

The Central Board of Direct Taxes (CBDT) has come up with new draft of 12 income computation and disclosure standards (ICDS).

The income tax department is looking to prescribe its own set of standards so as to ensure that income is computed correctly for income tax purposes.

The CBDT had in December 2010 constituted a committee to suggest standards. The first interim report was submitted in August 2011.

The final report along with draft of standards was submitted in August 2012 and placed in public domain for comments.

On the basis of the suggestions received from the stakeholders and examination of the same by CBDT, the draft standards submitted by the committee have been revised.

Now, the new draft of 12 ICDS is placed for public comments and stakeholders could give their comments by February 8, the CBDT has said.

The present draft has been issued in terms of the amendments carried out in Section 145 of the income tax law in the recent budget (Finance Act 2014). This amendment had suggested that accounting standards notified under the income tax law need to be regularly followed, said Aseem Chawla, Partner, MPC Legal, a law firm.

“It is imperative that in the process of adherence to the proposed income computation and disclosure standards, the generally accepted accounting principles be kept in sight lest inevitably two different accounting norms are required to be followed.

Consistently it has been suggested that taxpayers should maintain one set of accounts. In practice, this might be a daunting task to achieve in the wake of the new ICDS. Also, this should not be a convenient vehicle to overcome case laws through which income recognition concepts have been well settled through courts”, Chawla told Business Line.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions