Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>ICDS Applies Only to Mercantile System Income; Different Accounting Methods Allowed for Different Income Sources.</h1> An assessee can adopt different accounting methods for various sources of income under the same or different income heads. The Income Computation and Disclosure Standards (ICDS) apply only to income sources using the mercantile accounting system, not to those using the cash system. This approach aims to prevent income escapement due to diverse accounting practices. For instance, if an assessee uses the mercantile system for a manufacturing business and the cash system for a commission agency, ICDS would apply solely to the manufacturing business.
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