FAQs on ICDS

Chapters / List

1. What is the scope of ICDS-III?

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2. Whether ICDS-III shall apply to a service contract?

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3. What is the meaning of a Construction Contract?

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4. What is the process for combining or segmenting contracts in accordance with ICDS?

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5. What disclosures are required in Form 3CD for construction contracts?

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6. What is the scope of ICDS-IV?

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7. Does ICDS-IV apply to construction contracts?

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8. Does ICDS-IV apply to incomes in the nature of interest, royalty, or fees for technical services?

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9. What are the disclosure requirements for ICDS-IV?

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10. What is the scope of ICDS-V?

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11. What is considered a tangible fixed asset?

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12. What disclosures are required to be made in respect of tangible fixed assets for ICDS-V?

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13. What is the scope of ICDS-VI?

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14. Does ICDS-VI apply to the foreign exchange gain or loss arising in respect of capital assets purchased from a foreign country?

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15. What disclosures are required to be made for ICDS-VI?

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16. What is the scope of ICDS-VII?

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17. What is the meaning of Government Grant?

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18. What disclosures are required to be made in respect of government grants for ICDS-VII?

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19. What is the scope of ICDS-VIII?

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20. What is ICDS?

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21. What is the meaning of Securities?

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22. Which transaction or securities are not covered in the ambit of ICDS-VIII?

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23. What is the scope of ICDS-IX?

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24. What is the meaning of borrowing cost?

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25. What is the treatment of borrowing costs?

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26. What disclosures are required to be made in respect of government grants for ICDS-IX?

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27. What is the scope of ICDS-X?

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28. What is the meaning of provision?

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29. What is the meaning of contingent assets?

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30. What is the meaning of contingent liability?

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31. Who is required to comply with ICDS?

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32. What is the meaning of executory contracts?

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33. When shall a provision be recognised as per ICDS-X?

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34. What disclosures are required to be made in respect of provisions for ICDS-X?

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35. What disclosures are required to be made in respect of contingent assets for ICDS-X?

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36. Is there any threshold limit for the applicability of ICDS?

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37. Whether ICDS applicable to all Individuals and HUFs?

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38. Whether ICDS applicable to the assessees opting for a presumptive taxation scheme?

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39. Whether the ICDS are applicable in the case of MAT and AMT Computation?

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40. Whether ICDS are applicable to banks, NBFCs, insurance companies, etc?

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41. If there is a conflict between ICDS and the Income-tax Act, which one prevails?

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42. What happens if an assessee does not follow the ICDS for the computation of income?

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43. What is the scope of ICDS-I?

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44. What are the disclosures required of accounting policies in ICDS-I?

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45. What is the scope of ICDS-II?

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46. What are the exceptions where ICDS-II does not apply?

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47. What is the definition of “Inventories”?

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48. What is the value of opening inventory as per ICDS-II?

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49. Whether interest and other borrowing costs shall be included in the cost of inventories?

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50. Which value shall be taken for inventory valuation on the date of dissolution of a partnership firm or AOP or BOI?

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51. What disclosures are required to be made in respect of Inventories?

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