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        Case ID :
        Income Tax

        How will ICDS apply to companies which adopted Ind-AS. (Indian accounting standards)

        11 August, 2017

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        Manual - Introduction

        ICDS is framed on the basis of accounting standards notified by Ministry of Corporate Affairs (MCA) vide Notification No. GSR 739(E) dated 7 December 2006 under section 211(3C) of erstwhile Companies Act 1956. However, MCA has notified in February 2015 a new set of standards called ’Indian Accounting Standards’ (Ind-AS). How will ICDS apply to companies which adopted Ind-AS? 

        The answer

        ICDS shall apply for computation of taxable income under the head PGBP or Income from other sources. This is irrespective of the accounting standards adopted by companies i.e. either Accounting Standards or Ind-AS.

         

        ICDS applicability: applies to taxable income computation under business or other income irrespective of Ind AS adoption. For computing taxable income under the heads Profits and Gains of Business or Profession and Income from Other Sources, ICDS provisions govern determination of income irrespective of whether an entity follows erstwhile Accounting Standards or Ind AS for financial reporting; companies adopting Ind AS must apply ICDS adjustments when computing taxable income under those heads.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              ICDS applicability: applies to taxable income computation under business or other income irrespective of Ind AS adoption.

                              For computing taxable income under the heads Profits and Gains of Business or Profession and Income from Other Sources, ICDS provisions govern determination of income irrespective of whether an entity follows erstwhile Accounting Standards or Ind AS for financial reporting; companies adopting Ind AS must apply ICDS adjustments when computing taxable income under those heads.


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