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
ICDS adjustment increases profit: question whether the increase is taxable or only requires disclosure in tax filings. A partnership firm asked whether an upward ICDS adjustment that increases profit should be included in taxable income or only disclosed in tax audit schedules and the ITR's other information; the forum reply posed a clarification query and gave no substantive guidance on tax treatment or compliance. (AI Summary)
