Can ICDS apply to a person following cash system of accounting and to the person whose books of account for the year are not required to be audited u/s 44AB.
11 August, 2017
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ICDS applicability limited to mercantile accounting; excludes cash-accounting and individuals/HUFs not subject to tax audit. ICDS applies to persons following the mercantile system of accounting and does not apply to those following the cash system. For individuals and HUFs, ... Summary
ICDS applicability limited to mercantile accounting; excludes cash-accounting and individuals/HUFs not subject to tax audit.
ICDS applies to persons following the mercantile system of accounting and does not apply to those following the cash system. For individuals and HUFs, ICDS is applicable only if they carry on business or profession and their books are required to be audited under the tax audit provisions; it does not apply where there is no business or professional income even if mercantile accounting is followed for other heads.
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