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of <h1>ICDS V Withdrawal: Impact on Tangible Fixed Assets, Depreciation, and Income Computation for AY 2016-17 Explained</h1> The Income Computation and Disclosure Standard V (ICDS V) for AY 2016-17, now withdrawn, addressed the treatment of tangible fixed assets for income computation under 'Profits and gains of business or profession' or 'Income from other sources.' It defined tangible fixed assets, determined their actual cost, and outlined capitalizing criteria for equipment and spares. It specified cost components, including purchase price and directly attributable expenses, and addressed changes due to price adjustments or exchange fluctuations. Depreciation and income from asset transfers were to align with the Income-tax Act. Disclosure requirements included asset descriptions, depreciation rates, and cost adjustments.
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