Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: due date for vat payment :: TDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: VAT Audit :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Students »
 Observations of the candidates on the question papers of CA examinations November, 2017
 Mock test paper for the students of CPT for December’17 Examination
 Join the Refresher Course on GST and Ind AS organized for CA Students and gain knowledge on GST and Ind AS
 Further Relaxation in the eligibility criteria for Direct Entry Students registering from 1st July, 2017 to 31st July, 2017 for appearing in May, 2018 Intermediate Examination under Revised Scheme of Education and Training
 Examination of the Certificate Course on Valuation scheduled on 26th November, 2017
 Admit Card for Intermediate (IPC) and Final November 2017 Examination
 Shifting from one Elective Paper to another Elective Paper under Revised Scheme of Education and Training.
 Announcement for Intermediate (Integrated Professional Competence) Course Students to Commence Practical Training
 Intermediate-Announcement for May, 2018 old and new syllabus
 Certificate Course on Forex and Treasury Management –Forthcoming Batches Mumbai ,Hyderabad, Noida & Kolkata
  November-2017 CA Examinations

Applicability of Income Computation and Disclosure Standards (ICDSs) for May 2017 Examination
February, 27th 2017

The Central Government had, vide Notification No.S.O.892(E) dated 31.3.2015, in exercise of the powers conferred by section 145(2), notified ten income computation and disclosure standards (ICDSs) to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or “Income from other sources”. This notification was to be applicable from A.Y. 2016-17. 

However, the Central Government has, vide Notification No.S.O.3078(E) dated 29.9.2016, rescinded Notification No.S.O.892(E) dated 31.3.2015. Simultaneously, vide Notification No.S.O.3079(E) dated 29.9.2016, the Central Government has notified ten new ICDSs to be applicable from A.Y.2017-18. 



The newly notified ICDSs have to be followed by all assessees (other than an individual or a Hindu undivided family who is not required to get his accounts of the previous year audited in accordance with the provisions of section 44AB) following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profits and gains of business or profession” or “Income from other sources”, from A.Y.2017-18. 

Since the relevant assessment year for May 2017 examination is A.Y.2017-18 and notifications and circulars issued upto 31.10.2016 are applicable for the said examination, the ICDSs notified on 29.9.2016 would be applicable from May 2017 examination.

The salient features of the ICDSs notified on 29.9.2016 as well as the significant changes vis-à-vis ICDSs notified on 31.3.2015 (since rescinded) have been given as Annexure to the Revision Test Paper (RTP) for Final Course [Group II], May 2017 examination. The text of these standards are given as Annexure to the December 2016 edition of the Practice Manual for Final Paper 7 Direct Tax Laws. Chapter 12 of this Practice Manual contains questions based on the ICDSs notified on 29.9.2016. Both the Practice Manual and the RTP for May 2017 Examination have been webhosted at the BOS Knowledge Portal on the Institute’s website www.icai.org.



As far as IIPCC Paper 4 Taxation [Part I: Income-tax] is concerned, the text of ICDSs notified on 29.9.2016 as well as the significant changes vis-à-vis ICDSs notified on 31.3.2015 (since rescinded) have been given as Annexure to October 2016 edition of the Practice Manual, which has also been hosted at the BoS Knowledge Portal. Students of IIPCC may note that they are only expected to have basic knowledge of the ICDSs.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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