Applicability of ICDS
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- Last Updated on 19 July, 2022
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Applicability of ICDS:
Applicability Chart of Income Computation & Disclosure Standards:
|
Sr. No. |
Particulars |
ICDS Applicable? |
|
1. |
Income from Profit and Gains of Business or Profession Assessee follows Mercantile System of Accounting & having income under the head ‘Profit and Gains of Business or Profession’?
|
Yes |
|
2. |
Income from Other Sources Assessee follows Mercantile System of Accounting & having income under the head ‘Income from Other Sources’?
|
Yes |
|
3. |
Non-Resident Indians (NRIs) NRI follows Mercantile System of Accounting & have income under the head ‘Income from Other Sources’ or have income under the head ‘Profit and Gains of Business or Profession’?
|
Yes |
|
4. |
Cash System of Accounting If Cash system of Accounting is followed by Assessee?
|
No |
|
5. |
Maintenance of Books of Account Whether ICDS applicable for the maintenance of Books of Account?
|
No |
|
6. |
Income from Salary? If the assessee is an employee having only Income from Salary?
|
No |
|
7. |
Minimum Alternate Tax (MAT) Is ICDS applicable for the purpose of computation for MAT?
|
No |
|
8. |
Presumptive Taxation Whether ICDS is to be followed for the assessee following the scheme of Presumptive Taxation?
|
No |
Also Read:
Income Computation and Disclosure Standards (ICDSs) Notified by CBDT
Law & Practice Relating to Income Computation and Disclosure Standards (ICDS)
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