https://www.taxtmi.com/forum/issue?id=107837 The Finance Ministry proposes twelve draft Income Computation and Disclosure Standards (ICDS) to standardise computation of income under the heads profits and gains of business or profession and income from other sources, and not to govern books of account. The ICDS cover lease accounting, construction linked project accounting and inventory valuation, require consistent tax positions and mandatory disclosures to reduce litigation, and have been revised after committee reports and stakeholder consultation; implementation is expected to add initial administrative burden while relying on statutory notification powers to be issued by the central government. en-us Sat, 10 Jan 2015 10:21:26 +0530 Thu, 23 Jan 2025 15:57:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=107837 The Finance Ministry proposes twelve draft Income Computation and Disclosure Standards (ICDS) to standardise computation of income under the heads profits and gains of business or profession and income from other sources, and not to govern books of account. The ICDS cover lease accounting, construction linked project accounting and inventory valuation, require consistent tax positions and mandatory disclosures to reduce litigation, and have been revised after committee reports and stakeholder consultation; implementation is expected to add initial administrative burden while relying on statutory notification powers to be issued by the central government. Discussion-Forum Companies Law Sat, 10 Jan 2015 10:21:26 +0530 https://www.taxtmi.com/forum/issue?id=107837