Emerging Trend in Indian Direct Taxation: An Analysis of Income Computation and Disclosure Standards
VISION: Journal of Indian Taxation Volume 5, Issue 2, pp. 16-26, July-December 2018, DOI: 10.17492/vision.v5i2.14389
11 Pages Posted: 2 Feb 2019
Date Written: December 31, 2018
Abstract
Income computation and disclosure standard is one of the competent standards which minimizes the divergence between accounting income and tax income. This standard does not require any additional books of accounts to be maintained by the business organizations but only the thing is the manner of computation of income for the purpose levying of tax under the head ‘Profit or gains from business or profession’ and ‘Income from other sources’. The present study is purely based on secondary data and is a descriptive study to analyze the impact of ICDS on business transactions and its implementation challenges in India.
Keywords: Income Computation and Disclosure Standards (ICDS); Ind-As; Income determination; Business income
JEL Classification: M49
Suggested Citation: Suggested Citation