TaxTMI 
TaxTMI 
TaxTMI 
A partnership firm has Increase in Profit due to ICDS. For Eg due to ICDS profit will increase by ₹ 100000 then will partnership firm will pay tax on such ₹ 100000 or will it be just disclosed in Tax Audit Report and Other Information in ITR form.
Effect of ICDS on computation of income
RAJEEV JAIN
Is Increased Profit Due to ICDS Subject to Tax or Just Disclosure in Tax Audit Report? A partnership firm experienced an increase in profit by 100,000 due to the Income Computation and Disclosure Standards (ICDS). The query raised concerns whether this increased profit would be subject to tax or merely disclosed in the Tax Audit Report and other information in the Income Tax Return (ITR) form. A response from another participant inquired if the issue had been clarified, suggesting the need for further discussion or confirmation on the matter. (AI Summary)