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of <h1>ICDS II Withdrawn: Inventory Valuation Guidelines for AY 2016-17 Highlight Cost or Net Realizable Value Approach</h1> The Income Computation and Disclosure Standard (ICDS) II for AY 2016-17, which has been withdrawn, outlines the valuation of inventories for tax purposes under 'Profits and gains of Business or profession' or 'Income from other sources.' It specifies that inventories should be valued at cost or net realizable value, whichever is lower. Exclusions from inventory costs include abnormal waste, storage costs, administrative overheads, and selling costs. The standard mandates specific identification for non-interchangeable items and allows FIFO or weighted average for others. Disclosure requirements include accounting policies and inventory classification. Changes in valuation methods require reasonable cause.
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