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Critical Issues into Audit & CDs I & II CA. STROLLER OD JAIN FCA, FCS, CMA, LL.B, LIMA, DISA Shared at Lax me Nagar Study Circle of NRC of CAI 27th August 2017CA. Framed JainLEGISLATION FOR A 2017201718
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ICDS i and ii refer to the Income Computation and Disclosure Standards issued by the Central Board of Direct Taxes.
All assesses who are required to maintain books of account under the Income Tax Act are required to comply with ICDS i and ii.
ICDS i and ii have specific guidelines for computation and disclosure of income which need to be followed while filling them out.
The purpose of ICDS i and ii is to standardize the method of computation and disclosure of income for tax purposes.
ICDS i and ii require reporting of income from different heads and other financial information as per the guidelines.
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