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        Case ID :
        Income Tax

        What is the impact of ICDS X containing transitional provisions.

        2 September, 2017

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        Manual - ICDS X : Provisions, Contingent Liabilities & Contingent Assets

        ICDS X provides that all the provisions or assets and related income shall be recognised for the previous year commencing on or after 1st day of April 2016 in accordance with the provisions of this standard after taking into account the amount recognised, if any, for the same for any previous year ending on or before 31st day of March, 2016.

        The intent of transitional provision is that there is neither ”double taxation‟ of income due to application of ICDS nor there should be escape of any income due to application of ICDS from a particular date.

         

        Transitional provisions for ICDS X ensure recognition of provisions and contingent items to prevent double taxation or omission. Transitional recognition under ICDS X requires that provisions, contingent liabilities and contingent assets and related income be recognised for previous years commencing on or after 1 April 2016 in accordance with this standard, after taking into account any amount recognised for the same items for previous years ending on or before 31 March 2016; the rule aims to prevent double taxation or omission of income.
                        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.

                              Transitional provisions for ICDS X ensure recognition of provisions and contingent items to prevent double taxation or omission.

                              Transitional recognition under ICDS X requires that provisions, contingent liabilities and contingent assets and related income be recognised for previous years commencing on or after 1 April 2016 in accordance with this standard, after taking into account any amount recognised for the same items for previous years ending on or before 31 March 2016; the rule aims to prevent double taxation or omission of income.


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