ICDS applicability to presumptive taxation clarified: accounting rules govern revenue recognition and determine receipts or turnover for tax purposes. The Income Computation and Disclosure Standards (ICDS) apply to taxpayers computing income under presumptive taxation schemes; relevant ICDS provisions, including those on construction contracts and revenue recognition, must be used to determine receipts, turnover or other taxable bases for the presumptive computation.
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Provisions expressly mentioned in the judgment/order text.
ICDS applicability to presumptive taxation clarified: accounting rules govern revenue recognition and determine receipts or turnover for tax purposes.
The Income Computation and Disclosure Standards (ICDS) apply to taxpayers computing income under presumptive taxation schemes; relevant ICDS provisions, including those on construction contracts and revenue recognition, must be used to determine receipts, turnover or other taxable bases for the presumptive computation.
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