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Mar 24, 2017
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ICDS provisions to prevail over judicial precedents: CBDT
The tax department today said provisions of ICDS, the new accounting standards for computation of business income, will prevail over judicial precedents.ICDS, Income Computation and Disclosure Standards, are applicable for computation of income chargeable under the head profits and gains of business or profession or income from other sources and not for the purpose of maintenance of books of accounts.The accounting standards came into effect from April 2016 (assessment year 2017-18). It aims to ensure consistency and help minimise tax-related disputes.
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http://www.dnaindia.com
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