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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Direct Tax »
 CBDT breather soon on past angel tax demands
 Infosys-built system to cut tax return processing time to 24 hours by 2020
 Notification No. 04/2019-Central Board of Indirect Taxes and Customs
 Income tax exemption limit likely to be increased to Rs 5 lakh
 Bringing back the local in the national tax regime
 CBDT chief cautions I-T officials about direct tax collection growth rate
 No TDS for long-term property lease premium, says Mumbaiā€™s Income-tax Appellate Tribunal
 Bansal Overseas 121 KM Stone, Near Namastesy Chowk, G. T. Road Karnal vs. ACIT Karnal Circle, Aayakar Bhawan, Sector- 12, Urban Estate Karnal
 How to invest, how much you may invest and save in taxes SBI Tax Saving Scheme
 Taxman on a refunds spree as income tax returns hit record high in FY19
 CBDT issues final notification on securities tax exemption

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 2019 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