Government notifies 10 Tax Accounting Standards, effective from April 1,2015

Apr 01,2015

Central Government notifies Income Computation and Disclosure Standards (ICDS); Applicable to all assessees, following the mercantile system of accounting, for computing income chargeable to income-tax under the head “Profit and gains of business or profession” or “ Income from other sources”; As against 12 ICDS proposed, 10 are presently notified, covering Accounting Policies, Valuation of Inventories, Construction Contracts, Revenue Recognition, Tangible Fixed Assets...

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