https://www.taxtmi.com/forum/issue?id=108703 Income Computation and Disclosure Standards (ICDS) create a separate statutory framework, notified under Section 145, for computing taxable income under Profits and gains of business or profession and Income from other sources for assessees following the mercantile system. Aligned to existing Accounting Standards rather than Ind AS, ICDS includes transitional provisions to avoid duplication, affects advance tax and tax audit computations, necessitates reconciliations between book and taxable income, and exposes non compliance to Assessing Officer powers for best judgement assessments. en-us Sat, 06 Jun 2015 10:44:44 +0530 Thu, 23 Jan 2025 15:56:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=108703 Income Computation and Disclosure Standards (ICDS) create a separate statutory framework, notified under Section 145, for computing taxable income under Profits and gains of business or profession and Income from other sources for assessees following the mercantile system. Aligned to existing Accounting Standards rather than Ind AS, ICDS includes transitional provisions to avoid duplication, affects advance tax and tax audit computations, necessitates reconciliations between book and taxable income, and exposes non compliance to Assessing Officer powers for best judgement assessments. Discussion-Forum Income Tax Sat, 06 Jun 2015 10:44:44 +0530 https://www.taxtmi.com/forum/issue?id=108703