Income computation

Income Computation Disclosure Standards Advisory in Ahmedabad, Gujarat, India

ICDS that means method of accounting that profit and gains of business or profession. Income from the other sources that can be gain by cash or mercantile system of accounting. There are 2 ways of accounting is

  • Disclosure of accounting policies
  • Disclosure of prior period for extraordinary item and changes to be done in the accounting policies

ICDS impact over maintenance of books of accounts that means that not only provide an book of accounts by providing the income computation and disclosure manner. The ICDS is certainly going to impact tax audit also. There are various ICDS

  • ICDS Accounting policies
  • ICDS valuation of inventories
  • ICDS construction contracts
  • ICDS Revenue recognitions
  • ICDS Securities
  • ICDS borrowing costs

For all of this ICDS there are various case law is also applicable.

Pratik Shah & Co for Income Computation Disclosure Standards Advisory in Ahmedabad, Gujarat, India.

ICDS Accounting policies: For the accounting policies the fundamental of the account of the going concern, consistency, and accrual which can be change by reasonable cost and at last disclosure the accounting.

ICDS Cost: Cost can be determine by the various method

  • FIFO method
  • Weighted Average method
  • Specific identification cost method
  • Retail method

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