ICDS- Income Computation and Disclosure Standards

The Central Government had notified 10 “Income Computation and Disclosure Standards”  (ICDS) to be applicable with effect from assessment year  2017-18. The main purpose of ICDS is to develop system of computation of income of undermentioned heads under Income Tax Act. So that tax related issues could be minimized. 1. Profits and gains of business…


Statement of Financial Transaction or Reportable Account–SFTR

To keep a watch on high value transaction undertaken by the taxpayer, the Income Tax Law has developed the concept of “ Statement of Financial Transaction or Reportable account. Earlier it was known as “Annual Information Return (AIR). Income tax department with the help of this “SFTR” statement will collect information on certain prescribed high…


Income tax relief under section 89

When an employee receives salary for more than 12 month in any one financial years due to being paid in arrears or in advance. Due to excess salary he assessed at higher rate than that at which it would otherwise has been assessed, then he can claim relief u/s 89. Basic points are as under:…