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Direct Tax Reform in India: A Panoramic Study on Income Computation and Disclosure Standards (ICDS)

Vol 7 , Issue 1 , January - June 2020 | Pages: 94-107 | Commentary  

 
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https://doi.org/10.17492/vision.v7i1.195938


Author Details ( * ) denotes Corresponding author

1. * Chandrashekhar C, Student, Department of Studies in Commerce, University of Mysore, Mysuru, Karnataka, India (chandrashekarc18997@gmail.com)

One of the major challenges while computing tax liability is determination of income. Dilemma arises when identifying which item has to be treated as chargeable and which is not. Income computation and disclosure standards are more efficient than any other standards which help to ascertain accurate income for the computation of tax amount and it reduces deviations between taxable income and accounting income. The organization doesn’t require to maintain any additional books of accounts while computing taxable income by using ICDS but the major condition is, the income must be generated from the ‘Profits and gains of business and professions (PGBP)’ and ‘Income from other sources (IFOS)’. The present study is focusing upon the impact of ICDS on key areas of business transactions and it tries to give a clear picture about ICDS. It’s a descriptive study purely based on secondary data.

Keywords

Income computation and disclosure standards (ICDS); Ind-AS; Business income; Income determination; Tax reforms.

  1. Abhishek, N., Ashok, M. L., & Divyashree, M. S. (2018). Emerging trend in Indian direct taxation: An analysis of income computation and disclosure standards. Journal of Indian Taxation, 5(2), 44-54.
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  3. Kirchler, E., Muehlbacher, S., Kastlunger, B., & Wahl, I. (2007). Why pay taxes? A review of tax compliance decisions. Developing Alternative Frameworks for Explaining Tax Compliance, 15-31. Retrieved from https://icepp.gsu.edu/files/2015/03/ispwp 0730.pdf.
  4. Kumar, M., & Anees, M. (2014) E-filing: Creating new revolution in taxation of India. Global Journal of Finance and Management, 6(4), 379-384.
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Weblinks

  1. http://www.incometaxindia.gov.in/Documents/Notifica
  2. http://www.dhc.co.in/uploadedfile/1/2/-1/Technical%20Guide%20on%20ICDS.pdf
  3. https://www.bcasonline.org/Referencer201617/Taxation/Income%20Tax/Income_Computation_and_Disclosure_Standards_(ICDS).html
  4. https://www.caclubindia.com/articles/income-computation-disclosure-standards-23829.asp
  5. https://www.google.co.in/search?q=list+of+icds&rlz=1C1NHXL_enIN772IN772&oq=LIST+OF+icds&aqs=chrome.0.0l6.4671j1j7&sourceid=chrome&ie=UTF-8
  6. https://www.incometaxindia.gov.in/communications/circular/circular10_2017.pdf
  7. https://www.manupatrafast.in/NewsletterArchives/listing/RSM%20India/2016/Apr%202016/04.04.2016%20WHITE%20PAPER-INCOME%20COMPUTATION%20AND%
  8. https://www.nangia.com/wp-content/uploads/2018/05/ASSOCHAM-ICDS-PPT-II.pdf
  9. https://www.bcasonline.org/Referencer2016-17/Taxation/Income%20Tax/Income_Computation_and_Disclosure_Standards_(ICDS).html
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