https://www.taxtmi.com/news?id=13831 Drafts of twelve Income Computation and Disclosure Standards (ICDS) have been published for public comment to govern the computation of income under "Profits and gains of business or profession" and "Income from other sources" (not for maintenance of books). The Standards define scope and terms, prescribe recognition and measurement rules (e.g., inventories at cost or net realizable value; percentage of completion for construction contracts; capitalisation of qualifying borrowing costs; foreign currency translation), require disclosures, provide transitional provisions tied to 1 April 2015, and state that the Income-tax Act prevails in case of conflict. en-us Fri, 09 Jan 2015 14:14:11 +0530 Wed, 11 Feb 2026 15:56:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=13831 Drafts of twelve Income Computation and Disclosure Standards (ICDS) have been published for public comment to govern the computation of income under "Profits and gains of business or profession" and "Income from other sources" (not for maintenance of books). The Standards define scope and terms, prescribe recognition and measurement rules (e.g., inventories at cost or net realizable value; percentage of completion for construction contracts; capitalisation of qualifying borrowing costs; foreign currency translation), require disclosures, provide transitional provisions tied to 1 April 2015, and state that the Income-tax Act prevails in case of conflict. News - Fri, 09 Jan 2015 14:14:11 +0530 https://www.taxtmi.com/news?id=13831