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Emerging Trend in Indian Direct Taxation: An Analysis of Income Computation and Disclosure Standards

Vol 5, Issue 2, July - December 2018 | Pages: 44-54 | Research Paper  

 
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https://doi.org/10.17492/vision.v5i2.14389


Author Details ( * ) denotes Corresponding author

1. * Abhishek N, UGC-JRF scholar, University of Mysore, Mysore, Karnataka, India (abhishekalmighty93@gmail.com)
2. M L Ashok, Faculty of Commerce, University of Mysore, Mysore, Karnataka, India (ashokml.uom@gmail.com)
3. Divyashree M S, Assistant Professor of Commerce, GFGC Uppinangady, Puttur, Mysore, Karnataka, India (divyakala.ms93@gmail.com)

Income computation and disclosure standard is one of the competent standard 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 analyse 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

  1. Chawla, C., Jain, V., Joshi, A., & Gupta, V. (2013). A study of satisfaction level and awareness of tax-payers towards e-filing of income tax return. Journal of Research in Management and Technology, 2(5), 60-66.
  2. Ghuge, N. R. & Vasantrao, V. (2015) Indian tax structure - An analytical perspective. International Journal of Management and Social Science3(9), 243-252.
  3. Kaiser Family Foundation (2003). The NPR/Kaiser family foundation/Kennedy school National Survey of Americans Views on Taxes’. John F. Kennedy School of Government. Harvard University. Retrieved from www.kff.org/kaiserpolls/3340-index.cfm
  4. Kirchler, E., Muehlbacher, S., Kastlunger, B., & Wahl, I. (2010). 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/ ispwp0730.pdf
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Web References

  1. http://www.dhc.co.in/uploadedfile/1/2/-1/Technical%20Guide%20on%20ICDS.pdf
  2. https://www.bcasonline.org/Referencer201617/Taxation/Income%20Tax/Income_Computation_and_Disclosure_Standards_(ICDS).html
  3. https://www.caclubindia.com/articles/income-computation-disclosure-standards-23829.asp
  4. 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
  5. https://www.incometaxindia.gov.in/communications/circular/circular10_2017.pdf
  6. https://www.manupatrafast.in/NewsletterArchives/listing/RSM%20India/2016/Apr%202016/04.04.2016%20WHITE%20PAPER-INCOME%20COMPUTATION%20AND%
  7. https://www.nangia.com/wp-content/uploads/2018/05/ASSOCHAM-ICDS-PPT-II.pdf
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