Income Computation & Disclosure Standards (7th Edition)
- Year of Publication: 2020
- Edition: 7th
- ISBN: 9789386920690
- No.of Pages: 641
It gives me immense pleasure to present before the readers the seventh edition of the book on ‘Income Computation and Disclosure Standards’. This book will serve as a ready referencer for various professionals including Chartered Accountants, Cost and Works Accountants, Company Secretaries, MBAs and others involved, directly or indirectly, with the subject matter.
The Income Computation Disclosure Standards were notified by the Central Board of Direct Taxes (CBDT) under section 145 of the Income-tax Act, 1961 (the Act). ICDS are tax standards to be applied while computing the taxable income of a taxpayer. The objective behind introducing ICDS was bringing about consistency in computation and reporting of taxable income to reduce litigation and minimise different tax treatments adopted by different taxpayers on the same issue. ICDS are applicable to all taxpayers (other than an individual or a Hindu undivided family who are not subject to tax audit under section 44AB of the said Act) for the purposes of computation of income chargeable to income-tax under the head "Profits and gains of business or profession" or "Income from other sources" from FY 2016-17.
The present edition is equipped with the following features:
1. Discussion on Income Computation and Disclosure Standards (ICDS) by properly correlating the principles with the (most relevant) provisions in the Income-tax Act, 1961 as amended by the Finance Act, 2020 as well as impact analysis of various judicial precedents vis-à-vis notified ICDS;
2. Illustrations on each and every ICDS including basic illustrations on newly inserted Ind AS 115;
3. ICDS and corresponding reporting requirements contained in Form 3CD (Revised);
4. Chapters on ICDS vs. AS and ICDS vs. Ind AS;
5. Clarifications on ICDS issued by CBDT through FAQs.
CA. Kamal Garg is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi and an academic resource partner in KGMA, Delhi. He has also qualified post qualification course on Diploma in Information System Audit (DISA) conducted by ICAI. Besides this he is also an Insolvency Professional registered with Insolvency and Bankruptcy Board of India (IBBI). He was also the member of Board of Studies (BOS) Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) [2012-2013 and 2020-2021] and Ind- AS (IFRS) Implementation Committee [2014-2015] of ICAI. He was also nominated as a special invitee member to the Committee on Banking, Insurance and Pension (2014-2015) of NIRC of ICAI. He is also the faculty resource of Ethical Standards Board (ESB) and Peer Review Board (PRB) of ICAI. He is also a key resource person for development and review of various study contents and webcasts for BOS of ICAI, such as study material and practice manual on Advanced Auditing for CA Final, eLectures for CA IPCC and CA Final studies, etc.
Besides being a regular guest speaker for IFRS and Management Development Programmes at various forums including ICAI and ICSI, he is also an author of over dozens of book(s) and commentaries on company and commercial laws including Ind AS. He possesses a rich industry experience in the areas of Corporate Laws (like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy.
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
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- Year of Publication: 2020
- Edition: 7th
- ISBN: 9789386920690
- No.of Pages: 641
It gives me immense pleasure to present before the readers the seventh edition of the book on ‘Income Computation and Disclosure Standards’. This book will serve as a ready referencer for various professionals including Chartered Accountants, Cost and Works Accountants, Company Secretaries, MBAs and others involved, directly or indirectly, with the subject matter.
The Income Computation Disclosure Standards were notified by the Central Board of Direct Taxes (CBDT) under section 145 of the Income-tax Act, 1961 (the Act). ICDS are tax standards to be applied while computing the taxable income of a taxpayer. The objective behind introducing ICDS was bringing about consistency in computation and reporting of taxable income to reduce litigation and minimise different tax treatments adopted by different taxpayers on the same issue. ICDS are applicable to all taxpayers (other than an individual or a Hindu undivided family who are not subject to tax audit under section 44AB of the said Act) for the purposes of computation of income chargeable to income-tax under the head "Profits and gains of business or profession" or "Income from other sources" from FY 2016-17.
The present edition is equipped with the following features:
1. Discussion on Income Computation and Disclosure Standards (ICDS) by properly correlating the principles with the (most relevant) provisions in the Income-tax Act, 1961 as amended by the Finance Act, 2020 as well as impact analysis of various judicial precedents vis-à-vis notified ICDS;
2. Illustrations on each and every ICDS including basic illustrations on newly inserted Ind AS 115;
3. ICDS and corresponding reporting requirements contained in Form 3CD (Revised);
4. Chapters on ICDS vs. AS and ICDS vs. Ind AS;
5. Clarifications on ICDS issued by CBDT through FAQs.
CA. Kamal Garg is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi and an academic resource partner in KGMA, Delhi. He has also qualified post qualification course on Diploma in Information System Audit (DISA) conducted by ICAI. Besides this he is also an Insolvency Professional registered with Insolvency and Bankruptcy Board of India (IBBI). He was also the member of Board of Studies (BOS) Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) [2012-2013 and 2020-2021] and Ind- AS (IFRS) Implementation Committee [2014-2015] of ICAI. He was also nominated as a special invitee member to the Committee on Banking, Insurance and Pension (2014-2015) of NIRC of ICAI. He is also the faculty resource of Ethical Standards Board (ESB) and Peer Review Board (PRB) of ICAI. He is also a key resource person for development and review of various study contents and webcasts for BOS of ICAI, such as study material and practice manual on Advanced Auditing for CA Final, eLectures for CA IPCC and CA Final studies, etc.
Besides being a regular guest speaker for IFRS and Management Development Programmes at various forums including ICAI and ICSI, he is also an author of over dozens of book(s) and commentaries on company and commercial laws including Ind AS. He possesses a rich industry experience in the areas of Corporate Laws (like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy.
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
