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Where the presumptive income / tax scheme involves computation of tax on the basis of gross receipts, turnover, etc., then ICDS on revenue recognition would apply to compute the gross receipts or turnover in such cases. In this respect, a reference may be made to the clarifications on ICDS contained in the Circular no. 10/2017, dated 23rd March, 2017 issued by the CBDT.
ICDS revenue recognition applies to presumptive tax schemes computing income from gross receipts or turnover. ICDS on revenue recognition applies to taxpayers under presumptive tax schemes when such schemes compute income by reference to gross receipts, turnover or similar revenue measures; absent an express exclusion, ICDS principles govern the computation of those receipts or turnover for income-tax computation and disclosure.
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