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

See all articles by Abhishek N

Abhishek N

Institute of Management and Commerce, Srinivas University; University of Mysore - Department of Commerce; NIE FIRST GRADE COLLEGE; Sri Nataraja Residential First Grade College for Women

M. L. Ashok

University of Mysore

Divyashree M. S.

Government First Grade College

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

N, Abhishek and Ashok, M. L. and M. S., Divyashree, Emerging Trend in Indian Direct Taxation: An Analysis of Income Computation and Disclosure Standards (December 31, 2018). VISION: Journal of Indian Taxation Volume 5, Issue 2, pp. 16-26, July-December 2018, DOI: 10.17492/vision.v5i2.14389 , Available at SSRN: https://ssrn.com/abstract=3317737

Abhishek N (Contact Author)

Institute of Management and Commerce, Srinivas University ( email )

City Campus, Pandeshwar
Mangaluru, Karnataka, ID Urban 575001
India

University of Mysore - Department of Commerce ( email )

Mysore
Karnataka
India

NIE FIRST GRADE COLLEGE ( email )

MYSORE
KARNATAKA
India

Sri Nataraja Residential First Grade College for Women ( email )

Mysore, Karnataka
India

M. L. Ashok

University of Mysore ( email )

Mysore
Karnataka
Manasagangotri, karnataka 570006
India

Divyashree M. S.

Government First Grade College ( email )

Karnataka, 577201
India

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