ICDS Applicability Overview
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The document discusses the applicability and background of Income Computation and Disclosure Standards (ICDS) in India, including changes effective from AY 2017-18. It outlines the deferral of ICDS, the rescindment of old standards, and the introduction of revised standards by the CBDT. The document also highlights key compliance issues, disclosure requirements, and the relationship between ICDS and judicial precedents.
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Lunawat & Co.
Schedule ICDS Effect of Income Computation Disclosure Standards on profit
Sl. No. ICDS Amount
(i) (ii) (iii)
I Accounting Policies
II Valuation of Inventories
III Construction Contracts
IV Revenue Recognition
V Tangible Fixed Assets
VI Changes in Foreign Exchange Rates
VII Government Grants
VIII Securities
IX Borrowing Costs
X Provisions, Contingent Liabilities and Contingent Assets
XI Total Net effect (I+II+III+IV+V+VI+VII+VIII+IX+X) 0
1 Method of accounting employed in the previous year 1 Mercantile
2 Is there any change in method of accounting 2 No
3
Effect on the profit because of deviation, if any as per Income Computation
Disclosure Standards notified under section 145(2) [column 11(iii) of Schedule
ICDS] 3 0
Part A – Other Information](https://image.slidesharecdn.com/icdsapplicabilityoverview-janakpuri-170415172741/85/ICDS-Applicability-Overview-15-320.jpg)
![CBDT FAQS DT. 23CBDT FAQS DT. 23CBDT FAQS DT. 23CBDT FAQS DT. 23RDRDRDRD MARCH 2017MARCH 2017MARCH 2017MARCH 2017
For Derivative contracts :For Derivative contracts :For Derivative contracts :For Derivative contracts :
Forward contracts and similarForward contracts and similarForward contracts and similarForward contracts and similar ---- ICDS VI [ForeignICDS VI [ForeignICDS VI [ForeignICDS VI [Foreign
Exchange] subject to para 3 of ICDS VIII [securities]Exchange] subject to para 3 of ICDS VIII [securities]Exchange] subject to para 3 of ICDS VIII [securities]Exchange] subject to para 3 of ICDS VIII [securities]
For others ICDS IFor others ICDS IFor others ICDS IFor others ICDS I
DisclosureDisclosureDisclosureDisclosure where to be madewhere to be madewhere to be madewhere to be made –––– Q 25Q 25Q 25Q 25
Net effect of ICDS to be disclosed in IT ReturnNet effect of ICDS to be disclosed in IT ReturnNet effect of ICDS to be disclosed in IT ReturnNet effect of ICDS to be disclosed in IT Return
Form 3CDForm 3CDForm 3CDForm 3CD
No separate disclosures persons who are notNo separate disclosures persons who are notNo separate disclosures persons who are notNo separate disclosures persons who are not
liable for taxliable for taxliable for taxliable for tax auditauditauditaudit
Other FAQs are given StandardOther FAQs are given StandardOther FAQs are given StandardOther FAQs are given Standard----wisewisewisewise
Lunawat & Co.](https://image.slidesharecdn.com/icdsapplicabilityoverview-janakpuri-170415172741/85/ICDS-Applicability-Overview-18-320.jpg)
ICDS Applicability Overview
- 1. CA. PRAMOD JAIN FCA, FCS, FCMA, LL.B, MIMA, DISA CA. PRAMOD JAIN FCA, FCS, FCMA, LL.B, MIMA, DISA LUNAWAT & CO. Chartered AccountantsChartered AccountantsChartered AccountantsChartered Accountants LUNAWAT & CO. Chartered AccountantsChartered AccountantsChartered AccountantsChartered Accountants 15151515thththth April 2017,April 2017,April 2017,April 2017, JanakpuriJanakpuriJanakpuriJanakpuri15151515thththth April 2017,April 2017,April 2017,April 2017, JanakpuriJanakpuriJanakpuriJanakpuri APPLICABILITY OVERVIEWAPPLICABILITY OVERVIEW
- 2. ICDSICDSICDSICDS BACKGROUNDBACKGROUNDBACKGROUNDBACKGROUND CG notified 10 ICDS vide notification no. 32 of 2015CG notified 10 ICDS vide notification no. 32 of 2015CG notified 10 ICDS vide notification no. 32 of 2015CG notified 10 ICDS vide notification no. 32 of 2015 dated 31dated 31dated 31dated 31stststst March 2015 which were applicable fromMarch 2015 which were applicable fromMarch 2015 which were applicable fromMarch 2015 which were applicable from AY 2016AY 2016AY 2016AY 2016----17 onwards17 onwards17 onwards17 onwards Due to various issues and representations madeDue to various issues and representations madeDue to various issues and representations madeDue to various issues and representations made referred to Expert committee.referred to Expert committee.referred to Expert committee.referred to Expert committee. ICDS deferred by 1 year (P. R. Dt. 6ICDS deferred by 1 year (P. R. Dt. 6ICDS deferred by 1 year (P. R. Dt. 6ICDS deferred by 1 year (P. R. Dt. 6thththth July 2016).July 2016).July 2016).July 2016). CBDT rescinded the old ICDS through notification no.CBDT rescinded the old ICDS through notification no.CBDT rescinded the old ICDS through notification no.CBDT rescinded the old ICDS through notification no. 86/2016 dated 2986/2016 dated 2986/2016 dated 2986/2016 dated 29thththth September 2016 and issuedSeptember 2016 and issuedSeptember 2016 and issuedSeptember 2016 and issued revised ICDS vide notification no. 87/2016 andrevised ICDS vide notification no. 87/2016 andrevised ICDS vide notification no. 87/2016 andrevised ICDS vide notification no. 87/2016 and amendedamendedamendedamended TTTTaxaxaxax AAAAudit Form 3CD.udit Form 3CD.udit Form 3CD.udit Form 3CD. Also issued FAQs dated 25Also issued FAQs dated 25Also issued FAQs dated 25Also issued FAQs dated 25thththth March 2017March 2017March 2017March 2017 Lunawat & Co.
- 3. BASICSBASICSBASICSBASICS •Section 145(2)Section 145(2)Section 145(2)Section 145(2)SourceSourceSourceSource •W.e.fW.e.fW.e.fW.e.f. AY 2017. AY 2017. AY 2017. AY 2017----18181818DateDateDateDate •Only on PGBP & Other SourceOnly on PGBP & Other SourceOnly on PGBP & Other SourceOnly on PGBP & Other Source •If accounts on mercantile basisIf accounts on mercantile basisIf accounts on mercantile basisIf accounts on mercantile basisHeadsHeadsHeadsHeads •10 vide Not. Dt. 29.09.201610 vide Not. Dt. 29.09.201610 vide Not. Dt. 29.09.201610 vide Not. Dt. 29.09.2016 No. ofNo. ofNo. ofNo. of StandardsStandardsStandardsStandards •In Para 13 of Form 3CD & ITRIn Para 13 of Form 3CD & ITRIn Para 13 of Form 3CD & ITRIn Para 13 of Form 3CD & ITR Computation &Computation &Computation &Computation & DisclosureDisclosureDisclosureDisclosure •Best Judgment Assessment u/sBest Judgment Assessment u/sBest Judgment Assessment u/sBest Judgment Assessment u/s 144144144144 What if notWhat if notWhat if notWhat if not CompliedCompliedCompliedComplied Lunawat & Co.
- 4. CORRESPONDING AS /CORRESPONDING AS /CORRESPONDING AS /CORRESPONDING AS / INDINDINDIND ASASASAS Lunawat & Co. ICDICDICDICD SSSS Name of ICDSName of ICDSName of ICDSName of ICDS CorrespondiCorrespondiCorrespondiCorrespondi ng ASng ASng ASng AS CorrespondingCorrespondingCorrespondingCorresponding IndIndIndInd ASASASAS IIII Accounting PoliciesAccounting PoliciesAccounting PoliciesAccounting Policies 1 & 51 & 51 & 51 & 5 1111 & 8& 8& 8& 8 IIIIIIII Valuation of InventoriesValuation of InventoriesValuation of InventoriesValuation of Inventories 2222 2222 IIIIIIIIIIII Construction ContractsConstruction ContractsConstruction ContractsConstruction Contracts 7777 115115115115 IVIVIVIV Revenue RecognitionRevenue RecognitionRevenue RecognitionRevenue Recognition 9999 115115115115 VVVV Tangible Fixed AssetsTangible Fixed AssetsTangible Fixed AssetsTangible Fixed Assets 10101010 16161616 VIVIVIVI Changes in Foreign Exchange RatesChanges in Foreign Exchange RatesChanges in Foreign Exchange RatesChanges in Foreign Exchange Rates 11111111 21212121 VIIVIIVIIVII Government GrantsGovernment GrantsGovernment GrantsGovernment Grants 12121212 20202020 VIIIVIIIVIIIVIII SecuritiesSecuritiesSecuritiesSecurities 13131313 109109109109 IXIXIXIX Borrowing CostsBorrowing CostsBorrowing CostsBorrowing Costs 16161616 23232323 XXXX Provisions, Contingent Liabilities &Provisions, Contingent Liabilities &Provisions, Contingent Liabilities &Provisions, Contingent Liabilities & ContingentContingentContingentContingent AssetsAssetsAssetsAssets 29292929 37373737
- 5. BASICSBASICSBASICSBASICS It’s for income computation & NOT for booksIt’s for income computation & NOT for booksIt’s for income computation & NOT for booksIt’s for income computation & NOT for books maintenancemaintenancemaintenancemaintenance ICAI standards amendedICAI standards amendedICAI standards amendedICAI standards amended –––– Examples removedExamples removedExamples removedExamples removed Would it impact incomes u/s 44AD, 44AE,Would it impact incomes u/s 44AD, 44AE,Would it impact incomes u/s 44AD, 44AE,Would it impact incomes u/s 44AD, 44AE, etcetcetcetc???? ApplicableApplicableApplicableApplicable to all following mercantile system exceptto all following mercantile system exceptto all following mercantile system exceptto all following mercantile system except IndlIndlIndlIndl & HUF who are not under tax audit u/s& HUF who are not under tax audit u/s& HUF who are not under tax audit u/s& HUF who are not under tax audit u/s 44AB44AB44AB44AB ApplicableApplicableApplicableApplicable on 44on 44on 44on 44 AD…whereverAD…whereverAD…whereverAD…wherever possiblepossiblepossiblepossible –––– exampleexampleexampleexample constructionconstructionconstructionconstruction contracts, revenue recognition??contracts, revenue recognition??contracts, revenue recognition??contracts, revenue recognition?? –––– FAQFAQFAQFAQ What about firms under s. 44AD?What about firms under s. 44AD?What about firms under s. 44AD?What about firms under s. 44AD? No ICDS details in ITR 1, 2 & 4No ICDS details in ITR 1, 2 & 4No ICDS details in ITR 1, 2 & 4No ICDS details in ITR 1, 2 & 4 Act to prevail over standards in case of conflictAct to prevail over standards in case of conflictAct to prevail over standards in case of conflictAct to prevail over standards in case of conflict Lunawat & Co.
- 6. BASICSBASICSBASICSBASICS WouldWouldWouldWould it impact MAT / AMT??it impact MAT / AMT??it impact MAT / AMT??it impact MAT / AMT?? ICDS not to apply on MAT but applicable on AMTICDS not to apply on MAT but applicable on AMTICDS not to apply on MAT but applicable on AMTICDS not to apply on MAT but applicable on AMT –––– QQQQ 6 FAQ6 FAQ6 FAQ6 FAQ Take care of AS 22Take care of AS 22Take care of AS 22Take care of AS 22 Transitional provisionsTransitional provisionsTransitional provisionsTransitional provisions ---- neither double taxation norneither double taxation norneither double taxation norneither double taxation nor escapement ofescapement ofescapement ofescapement of incomeincomeincomeincome Disclosure requirementsDisclosure requirementsDisclosure requirementsDisclosure requirements No changes from 2015 to 2016 inNo changes from 2015 to 2016 inNo changes from 2015 to 2016 inNo changes from 2015 to 2016 in ICDS I (Accounting Policies),ICDS I (Accounting Policies),ICDS I (Accounting Policies),ICDS I (Accounting Policies), ICDS VII (Government Grants) &ICDS VII (Government Grants) &ICDS VII (Government Grants) &ICDS VII (Government Grants) & ICDS X (Contingencies..)ICDS X (Contingencies..)ICDS X (Contingencies..)ICDS X (Contingencies..) Lunawat & Co.
- 7. ICDSICDSICDSICDS VS. JUDICIAL PRECEDENTSVS. JUDICIAL PRECEDENTSVS. JUDICIAL PRECEDENTSVS. JUDICIAL PRECEDENTS Settled lawSettled lawSettled lawSettled law thatthatthatthat notification cannot overridenotification cannot overridenotification cannot overridenotification cannot override thethethethe statute:statute:statute:statute: CITCITCITCIT v.v.v.v. SirpurSirpurSirpurSirpur Paper MillsPaper MillsPaper MillsPaper Mills ((((1999) 237 ITR 41 (SC1999) 237 ITR 41 (SC1999) 237 ITR 41 (SC1999) 237 ITR 41 (SC)))) CITCITCITCIT v. Tajv. Tajv. Tajv. Taj MahalMahalMahalMahal HotelsHotelsHotelsHotels ((((1971) 82 ITR 44 (SC1971) 82 ITR 44 (SC1971) 82 ITR 44 (SC1971) 82 ITR 44 (SC)))) PreamblePreamblePreamblePreamble to everyto everyto everyto every ICDSICDSICDSICDS statesstatesstatesstates ---- in case ofin case ofin case ofin case of conflictconflictconflictconflict betweenbetweenbetweenbetween provisionsprovisionsprovisionsprovisions ofofofof ActActActAct & ICDS& ICDS& ICDS& ICDS ---- ActActActAct shallshallshallshall prevailprevailprevailprevail FAQFAQFAQFAQ ---- ICDS notified u/s 145(2) & would beICDS notified u/s 145(2) & would beICDS notified u/s 145(2) & would beICDS notified u/s 145(2) & would be applicable to transactional issues dealt thereinapplicable to transactional issues dealt thereinapplicable to transactional issues dealt thereinapplicable to transactional issues dealt therein from AY 2017from AY 2017from AY 2017from AY 2017----18 onwards18 onwards18 onwards18 onwards Lunawat & Co.
- 8. SEQUENCE OF PREVALENCESEQUENCE OF PREVALENCESEQUENCE OF PREVALENCESEQUENCE OF PREVALENCE Lunawat & Co. ACTACTACTACT RULESRULESRULESRULES ICDSICDSICDSICDS JUDICIALJUDICIALJUDICIALJUDICIAL PRECEDENTSPRECEDENTSPRECEDENTSPRECEDENTS
- 9. WHAT TO DOWHAT TO DOWHAT TO DOWHAT TO DO Lunawat & Co.
- 10. ICDSICDSICDSICDS STUDY & EVALUATIONSTUDY & EVALUATIONSTUDY & EVALUATIONSTUDY & EVALUATION Lunawat & Co. AssesseAssesseAssesseAssesse AuditorAuditorAuditorAuditor
- 11. ICDSICDSICDSICDS CHECKLISTCHECKLISTCHECKLISTCHECKLIST Lunawat & Co. ICDICDICDICD SSSS Name of ICDSName of ICDSName of ICDSName of ICDS WhetherWhetherWhetherWhether ApplicableApplicableApplicableApplicable Amounts inAmounts inAmounts inAmounts in ITR & 3CDITR & 3CDITR & 3CDITR & 3CD DisclosurDisclosurDisclosurDisclosur es in 3CDes in 3CDes in 3CDes in 3CD RemaRemaRemaRema rksrksrksrks IIII Accounting PoliciesAccounting PoliciesAccounting PoliciesAccounting Policies YesYesYesYes IIIIIIII Valuation of InventoriesValuation of InventoriesValuation of InventoriesValuation of Inventories IIIIIIIIIIII Construction ContractsConstruction ContractsConstruction ContractsConstruction Contracts IVIVIVIV Revenue RecognitionRevenue RecognitionRevenue RecognitionRevenue Recognition YesYesYesYes VVVV Tangible Fixed AssetsTangible Fixed AssetsTangible Fixed AssetsTangible Fixed Assets VIVIVIVI Changes in Foreign ExchangeChanges in Foreign ExchangeChanges in Foreign ExchangeChanges in Foreign Exchange RatesRatesRatesRates VIIVIIVIIVII Government GrantsGovernment GrantsGovernment GrantsGovernment Grants VIIIVIIIVIIIVIII SecuritiesSecuritiesSecuritiesSecurities IXIXIXIX Borrowing CostsBorrowing CostsBorrowing CostsBorrowing Costs XXXX Provisions, ContingentProvisions, ContingentProvisions, ContingentProvisions, Contingent LiabLiabLiabLiab. &. &. &. & ContingentContingentContingentContingent AssetsAssetsAssetsAssets
- 12. FORM 3CDFORM 3CDFORM 3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE ---- 13131313 Method of accounting employed in previous yearMethod of accounting employed in previous yearMethod of accounting employed in previous yearMethod of accounting employed in previous year Change in method of accounting appliedChange in method of accounting appliedChange in method of accounting appliedChange in method of accounting applied If, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / loss Deviation in method of accounting fromDeviation in method of accounting fromDeviation in method of accounting fromDeviation in method of accounting from accounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 and effect thereof on P/Leffect thereof on P/Leffect thereof on P/Leffect thereof on P/L Change in method of valuation of inventories toChange in method of valuation of inventories toChange in method of valuation of inventories toChange in method of valuation of inventories to be reported?be reported?be reported?be reported? Change in accounting policy to be reported?Change in accounting policy to be reported?Change in accounting policy to be reported?Change in accounting policy to be reported? ICDS reporting brought inICDS reporting brought inICDS reporting brought inICDS reporting brought in w.e.fw.e.fw.e.fw.e.f. 1.4.2017. 1.4.2017. 1.4.2017. 1.4.2017 Lunawat & Co.
- 13. FORM 3CDFORM 3CDFORM 3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE ---- 13131313 ((((d)d)d)d) –––– whether any adjustment is required towhether any adjustment is required towhether any adjustment is required towhether any adjustment is required to be made to the profits or loss for complyingbe made to the profits or loss for complyingbe made to the profits or loss for complyingbe made to the profits or loss for complying with the ICDS notified u/s 145(2)with the ICDS notified u/s 145(2)with the ICDS notified u/s 145(2)with the ICDS notified u/s 145(2) (e)(e)(e)(e) –––– Is, yes, give detailsIs, yes, give detailsIs, yes, give detailsIs, yes, give details (f)(f)(f)(f) –––– Disclosure as per ICDSDisclosure as per ICDSDisclosure as per ICDSDisclosure as per ICDS For 8 standardsFor 8 standardsFor 8 standardsFor 8 standards Two omitted as no disclosure required as perTwo omitted as no disclosure required as perTwo omitted as no disclosure required as perTwo omitted as no disclosure required as per the standard:the standard:the standard:the standard: Changes in Foreign Exchange RatesChanges in Foreign Exchange RatesChanges in Foreign Exchange RatesChanges in Foreign Exchange Rates SecuritiesSecuritiesSecuritiesSecurities Lunawat & Co.
- 14. FORM 3CDFORM 3CDFORM 3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE –––– 13131313 ---- ICDSICDSICDSICDS Lunawat & Co. ICDICDICDICD SSSS Name of ICDSName of ICDSName of ICDSName of ICDS IncreaseIncreaseIncreaseIncrease in Profitin Profitin Profitin Profit DecreaseDecreaseDecreaseDecrease in Profitin Profitin Profitin Profit NetNetNetNet ((((RsRsRsRs.).).).) DescriptiDescriptiDescriptiDescripti onononon IIII Accounting PoliciesAccounting PoliciesAccounting PoliciesAccounting Policies IIIIIIII Valuation of InventoriesValuation of InventoriesValuation of InventoriesValuation of Inventories IIIIIIIIIIII Construction ContractsConstruction ContractsConstruction ContractsConstruction Contracts IVIVIVIV Revenue RecognitionRevenue RecognitionRevenue RecognitionRevenue Recognition VVVV Tangible Fixed AssetsTangible Fixed AssetsTangible Fixed AssetsTangible Fixed Assets VIVIVIVI Changes in Foreign Exchange RatesChanges in Foreign Exchange RatesChanges in Foreign Exchange RatesChanges in Foreign Exchange Rates VIIVIIVIIVII Government GrantsGovernment GrantsGovernment GrantsGovernment Grants VIIIVIIIVIIIVIII SecuritiesSecuritiesSecuritiesSecurities IXIXIXIX Borrowing CostsBorrowing CostsBorrowing CostsBorrowing Costs XXXX Provisions, ContingentProvisions, ContingentProvisions, ContingentProvisions, Contingent LiabLiabLiabLiab & Assets& Assets& Assets& Assets TotalTotalTotalTotal
- 15. ITRITRITRITR Lunawat & Co. Schedule ICDS Effect of Income Computation Disclosure Standards on profit Sl. No. ICDS Amount (i) (ii) (iii) I Accounting Policies II Valuation of Inventories III Construction Contracts IV Revenue Recognition V Tangible Fixed Assets VI Changes in Foreign Exchange Rates VII Government Grants VIII Securities IX Borrowing Costs X Provisions, Contingent Liabilities and Contingent Assets XI Total Net effect (I+II+III+IV+V+VI+VII+VIII+IX+X) 0 1 Method of accounting employed in the previous year 1 Mercantile 2 Is there any change in method of accounting 2 No 3 Effect on the profit because of deviation, if any as per Income Computation Disclosure Standards notified under section 145(2) [column 11(iii) of Schedule ICDS] 3 0 Part A – Other Information
- 16. WHAT IFWHAT IFWHAT IFWHAT IF ICDSICDSICDSICDS NOT COMPLIEDNOT COMPLIEDNOT COMPLIEDNOT COMPLIED Section 145(3Section 145(3Section 145(3Section 145(3)))) ---- AOAOAOAO has the power to make besthas the power to make besthas the power to make besthas the power to make best judgementjudgementjudgementjudgement assessment u/s. 144 if he is notassessment u/s. 144 if he is notassessment u/s. 144 if he is notassessment u/s. 144 if he is not satisfied about thesatisfied about thesatisfied about thesatisfied about the ::::---- CorrectnessCorrectnessCorrectnessCorrectness or completeness of the accounts of theor completeness of the accounts of theor completeness of the accounts of theor completeness of the accounts of the assesseeassesseeassesseeassessee ; or; or; or; or MethodMethodMethodMethod of accounting is not regularly followedof accounting is not regularly followedof accounting is not regularly followedof accounting is not regularly followed ;;;;orororor IncomeIncomeIncomeIncome not computed as per ICDSnot computed as per ICDSnot computed as per ICDSnot computed as per ICDS HenceHenceHenceHence ICDS has to be mandatorily followed or elseICDS has to be mandatorily followed or elseICDS has to be mandatorily followed or elseICDS has to be mandatorily followed or else bestbestbestbest judgementjudgementjudgementjudgement assessment can be done byassessment can be done byassessment can be done byassessment can be done by Assessing OfficerAssessing OfficerAssessing OfficerAssessing Officer. Lunawat & Co.
- 17. CBDT FAQS DT. 23CBDT FAQS DT. 23CBDT FAQS DT. 23CBDT FAQS DT. 23RDRDRDRD MARCH 2017MARCH 2017MARCH 2017MARCH 2017 Total 25 FAQsTotal 25 FAQsTotal 25 FAQsTotal 25 FAQs ICDS to apply onICDS to apply onICDS to apply onICDS to apply on IndIndIndInd AS FS tooAS FS tooAS FS tooAS FS too Applicable to all including bankApplicable to all including bankApplicable to all including bankApplicable to all including bank etcetcetcetc unlessunlessunlessunless specifiedspecifiedspecifiedspecified –––– like ICDS VIII (securities) for certainlike ICDS VIII (securities) for certainlike ICDS VIII (securities) for certainlike ICDS VIII (securities) for certain financial institutions & ICDS I for Insurancefinancial institutions & ICDS I for Insurancefinancial institutions & ICDS I for Insurancefinancial institutions & ICDS I for Insurance businessbusinessbusinessbusiness ReasonableReasonableReasonableReasonable cause is an existing conceptcause is an existing conceptcause is an existing conceptcause is an existing concept conferring flexibility in deservingconferring flexibility in deservingconferring flexibility in deservingconferring flexibility in deserving casescasescasescases No specific ICDS yet for real estate developers &No specific ICDS yet for real estate developers &No specific ICDS yet for real estate developers &No specific ICDS yet for real estate developers & BOT projects and leases. Normal Act & ICDSBOT projects and leases. Normal Act & ICDSBOT projects and leases. Normal Act & ICDSBOT projects and leases. Normal Act & ICDS applicableapplicableapplicableapplicable Lunawat & Co.
- 18. CBDT FAQS DT. 23CBDT FAQS DT. 23CBDT FAQS DT. 23CBDT FAQS DT. 23RDRDRDRD MARCH 2017MARCH 2017MARCH 2017MARCH 2017 For Derivative contracts :For Derivative contracts :For Derivative contracts :For Derivative contracts : Forward contracts and similarForward contracts and similarForward contracts and similarForward contracts and similar ---- ICDS VI [ForeignICDS VI [ForeignICDS VI [ForeignICDS VI [Foreign Exchange] subject to para 3 of ICDS VIII [securities]Exchange] subject to para 3 of ICDS VIII [securities]Exchange] subject to para 3 of ICDS VIII [securities]Exchange] subject to para 3 of ICDS VIII [securities] For others ICDS IFor others ICDS IFor others ICDS IFor others ICDS I DisclosureDisclosureDisclosureDisclosure where to be madewhere to be madewhere to be madewhere to be made –––– Q 25Q 25Q 25Q 25 Net effect of ICDS to be disclosed in IT ReturnNet effect of ICDS to be disclosed in IT ReturnNet effect of ICDS to be disclosed in IT ReturnNet effect of ICDS to be disclosed in IT Return Form 3CDForm 3CDForm 3CDForm 3CD No separate disclosures persons who are notNo separate disclosures persons who are notNo separate disclosures persons who are notNo separate disclosures persons who are not liable for taxliable for taxliable for taxliable for tax auditauditauditaudit Other FAQs are given StandardOther FAQs are given StandardOther FAQs are given StandardOther FAQs are given Standard----wisewisewisewise Lunawat & Co.
- 19. CA. Pramod JainCA. Pramod JainCA. Pramod JainCA. Pramod Jain pramodjain@lunawat.compramodjain@lunawat.compramodjain@lunawat.compramodjain@lunawat.com +91 9811073867+91 9811073867+91 9811073867+91 9811073867 © 2017 CA. Pramod Jain, Lunawat & Co© 2017 CA. Pramod Jain, Lunawat & Co© 2017 CA. Pramod Jain, Lunawat & Co© 2017 CA. Pramod Jain, Lunawat & Co