ICDS Applicability While Filing ITR

What Does ICSDS Mean?

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ICDS Exceptions

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Types Of ICDS

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ICDS VI - Foreign Exchange Rates ICDS VII - Government Grants ICDS VIII - securities in the exchange of products and services by a bank ICDS IX - borrowing costs of the production that capitalise assets ICDS X - Provisions, Contingent Liabilities and Contingent Assets

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ICDS Applicability While Filing ITR

What Does ICSDS Mean?

ICDS, or the Income Computation and Disclosure Standard, is the general guideline regarding the policies governing accounting for an individual’s taxable income. With assistance from the Institute of Chartered Accountants of India.

ICDS Exceptions

- Individual/ HUF - Cash disbursements are made when the cash is actually received by the assessee and not when they were issued or incurred - Income Computation and Disclosure Standards will not be considered for calculating the Minimum Alternate Tax or MAT

Types Of ICDS

ICDS I - Standard accounting policies ICDS II - Valuation of inventories ICDS III - Incomes derived through construction contracts ICDS IV - Recognition of revenue ICDS V - Tangible Fixed Assets

ICDS VI - Foreign Exchange Rates ICDS VII - Government Grants ICDS VIII - securities in the exchange of products and services by a bank ICDS IX - borrowing costs of the production that capitalise assets ICDS X - Provisions, Contingent Liabilities and Contingent Assets

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