Saturday, October 15, 2016

Income Tax - Mandate Accounting Standards - ICDS

With effect from 1st April, 2017, a tax auditor will report whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure standards notified under section 145(2) and will disclose amount of increase or decrease in profit relating to each ICDS separately. Adequate disclosure will also be made in respect of ICDS 1 to ICDS 10, except in case of ICDS 6 or ICDS 8.


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