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Income tax -ICDS

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 R. KANDASUBRAMANIAN asked over 3 years ago

Dear Sir An assessee engaged in buying and selling of plots. In case of Sale of a Plot, Purchase Cost of a Plot is to be transferred from Closing Stock Closing Stock is Valued on Purchase Price + Brokerage + Stamp Duty-no other expenses have been added Now with regard to ICDS application- a. Is it necessary to account the value of closing stock in Trading A/c itself b. Is it necessary to change our presentation - accounting closing stock as Current Assets -Directly in BS Kindly give your opinion Sir r kandasubramanian

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2 Answers
Open uri20170510 32134 1c996lj?1494421732 Anil answered over 3 years ago

This Income Computation and Disclosure Standard is 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. ICDS is only for computation of income and not for maintainance of books of accounts. Thus Accounting of transaction has to be done in accordance with commercial accounting practices and relevant governing statute for maintainance of books of accounts (eg. Companies Act, 2013 if company).

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Open uri20170510 32134 ivjxpn?1494421728 Shreedhar Sutar answered over 3 years ago

Hi R. Kandasubramanian, This Income Computation and Disclosure Standard is 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. ICDS is only for computation of income and not for maintainance of books of accounts. Thus Accounting of transaction has to be done in accordance with commercial accounting practices and relevant governing statute for maintainance of books of accounts (eg. Companies Act, 2013 if company).

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