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        Case ID :
        Income Tax

        Is it correct that even service providers are now required to record inventory?

        21 August, 2017

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        Manual - ICDS II : Valuation of Inventories

        Yes, this is correct. Even service providers are now mandatorily required to record inventory as per ICDS II relating to valuation of inventories

         

        Inventory recording requirement under ICDS II now mandates service providers to maintain inventories and disclose valuation for tax purposes. Service providers are required to maintain records of inventories under the ICDS II standard on valuation of inventories, extending mandatory inventory recognition, valuation and disclosure obligations to entities providing services for purposes of income computation.
                        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.

                              Inventory recording requirement under ICDS II now mandates service providers to maintain inventories and disclose valuation for tax purposes.

                              Service providers are required to maintain records of inventories under the ICDS II standard on valuation of inventories, extending mandatory inventory recognition, valuation and disclosure obligations to entities providing services for purposes of income computation.


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