HE CBEC invites the attention of all Chief Commissioners to the decision of the Supreme Court in Super Synotex India Ltd. - 2014-TIOL-19-SC-CX on the issue of abatement of sales tax under an Abatement Scheme where the assessee was allowed to retain 75% of the sales tax collected from the buyer and was required to deposit only the remaining 25% with the State Government. Under the circumstances, the Supreme Court held that after 01.07.2000 i.e. under the transaction value regime, 75% of the sales tax retained by the assessee would form part of the assessable value.
The Board states that this is an important judgment on the issue and may be brought to the notice of the trade and the assessing officers for finalisation of similar cases.
New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015
CBDT releases 12 Income Computation & Disclosure Standards for comments
New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015
Sub- section (1) of Section 145 of the Income-tax Act, 1961 ('the Act') provides that the income chargeable under the head "Profits and gain of business or profession" or "Income from other sources" shall [subject to the provisions of sub-section (2)] be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of Section 145 provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of asssessees or for any class of income.
The Central Board of Direct Taxes (CBDT) had constituted a Committee comprising departmental officers and professionals in December, 2010 to inter alia suggest standards for the purposes of notification under Section 145(2) of the Act. The Committee submitted its first Interim Report in August 2011. The Committee submitted its Final Report along with the Draft of Standards in August, 2012 which was placed in public domain for comments.
On the basis of the suggestions received from the stakeholders and examination of the same by the CBDT, the draft standards submitted by the Committee have been revised.
The comments and suggestions on the draft ICDS may be submitted by 8th February, 2015 at the email address (dirtpl3@nic.in or rkbhoot@gmail.com) or by post at the following address with "Comments on draft ICDS" written on the envelope:
List of Income Computation and Disclosure Standards [ICDS]
- Income Computation and Disclosure Standard [ICDS] – Accounting Policies
- Income Computation and Disclosure [ICDS]- Valuation of Inventories
- Income Computation and Disclosure [ICDS]-Construction Contracts
- Income Computation and Disclosure Standard [ICDS] – Revenue Recognition
- Income Computation and Disclosure Standard [ICDS] – Tangible Fixed Assets
- Income Computation and Disclosure Standard [TAS] – The Effects of Changes in Foreign Exchange Rates
- Income Computation and Disclosure Standard [ICDS]- Government Grants
- Income Computation and Disclosure Standard (TAS) – Securities
- Income Computation and Disclosure Standard [TAS] – Borrowing Costs
- Income Computation and Disclosure Standard [TAS] – Leases
- Income Computation and Disclosure Standard [ICDS] – Intangible Assets
- Income Computation and Disclosure Standard [ICDS] – Provisions, Contingent Liabilities and Contingent Assets
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