Bharat Income Computation and Disclosure Standards By CA Kamal Garg Edition April 2022

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Bharat Income Computation & Disclosure Standards By CA Kamal Garg

Bharat Income Computation & Disclosure Standards CA Kamal Garg

It gives me immense pleasure to present before the readers the seventh edition of the book on ‘Income Computation and Disclosure Standards’. This book will serve as a ready referencer for various professionals including Chartered Accountants, Cost and Works Accountants, Company Secretaries, MBAs and others involved, directly or indirectly, with the subject matter.

The Income Computation Disclosure Standards were notified by the Central Board of Direct Taxes (CBDT) under section 145 of the Income-tax Act, 1961 (the Act). ICDS are tax standards to be applied while computing the taxable income of a taxpayer. The objective behind introducing ICDS was bringing about consistency in computation and reporting of taxable income to reduce litigation and minimise different tax treatments adopted by different taxpayers on the same issue. ICDS are applicable to all taxpayers (other than an individual or a Hindu undivided family who are not subject to tax audit under section 44AB of the said Act) for the purposes of computation of income chargeable to income-tax under the head "Profits and gains of business or profession" or "Income from other sources" from FY 2016-17.

Contents

DIVISION I Financial Reporting Framework & ICDS

Chapter 1 Financial Reporting Framework An Introduction

Chapter 2 Income Computation and Disclosure Standards  An Introduction

Chapter 3 Rationalisation of Provisions of Section 115JB in line with Indian Accounting Standard (Ind-AS)

DIVISION II Income Computation & Disclosure Standards

Chapter 1 Income Computation & Disclosure Standards

  1. Income Computation and Disclosure Standard I relating to accounting policies
  2. Income Computation and Disclosure Standard II relating to valuation of inventories
  3. Income Computation and Disclosure Standard III relating to construction contracts
  4. D.Income Computation and Disclosure Standard IV relating to revenue recognition
  5. Income Computation and Disclosure Standard V relating to tangible fixed assets
  6. Income Computation and Disclosure Standard VI relating to the effects of changes in foreign exchange rates
  7. Income Computation and Disclosure Standard VII relating to government grants
  8. Income Computation and Disclosure Standard VIII relating to securities
  9. Income Computation and Disclosure Standard IX relating to borrowing costs
  10. Income Computation and Disclosure Standard X relating to provisions, contingent liabilities and contingent assets

Chapter 2 Form 3CD Clause by Clause Analysis

DIVISION III

Chapter 1 Income Computation and Disclosure Standards vis–vis Judicial Precedents

Chapter 2 Schedule ICDS as appearing in Forms ITR 4, 5 and 6 and Form 3CD (Revised)

Chapter 3 ICDS (Revised) v AS

Chapter 4 ICDS (Revised) v Ind AS

Appendix 1 Tests for Distinction between Shares held as Stock-in-Trade and Shares held as Investment

Appendix 2 Chargeable as  Distinction between Shares held as Stock-in-Trade and Shares held as Investments  Tests for such a Distinction

Appendix 3 Issue of Taxability of Surplus on Sale of Shares and Securities  Capital Gains or Business Income  Instructions in Order to Reduce Litigation

Appendix 4 Clarifications on Income Computation and Disclosure Standards (ICDS) notified under section 145(2) of the Income-tax Act, 1961

About Author

CA Kamal Garg [B. Com (H), FCA, DISA (ICAI)] is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi. He is also the member of Board of Studies (BOS) Study Material Research Group of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) of ICAI. He has also been acknowleged by BOS of ICAI for his efforts for reviewing Advanced Auditing Study Material for CA Final Course of ICAI.Besides being a regular guest speaker for IFRS and Management Development Programmes at IBC & PKG, Mumbai, ICAI, ICSI, Direct Taxes Regional Training Institute (North-West Region) for Income Tax Inspectors training programme, he is also an author of over dozens of book(s) including Guide to Tax Audit u/s 44AB Foreign Direct Investments in India IFRS Concepts and Applications Accounting Standards and IFRS Auditor Practice Manual Handbook on Company s Balance Sheet and Profit & Loss Account under Revised Schedule VI and XBRL Handbook on Internal Auditing, Consolidated Financial Statements Interim Financial Reporting Understanding Goods and Service Tax (GST) Professional Approach to Advanced Auditing for CA (Final) studies and Systematic Approach to Auditing for CA (PCC) studies published by Bharat Law House Private Limited.

He possesses a rich industry experience in the areas of Corporate Laws (like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy

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