Income Computation and Disclosure Standards (ICDS) notified by the Central Government are compulsorily required to be maintained by all assessees following mercantile system of accounting while computing Income under the

CS Executive · Tax Laws · PYQS · December 2023

Income Computation and Disclosure Standards (ICDS) notified by the Central Government are compulsorily required to be maintained by all assessees following mercantile system of accounting while computing Income under the head "Profits and Gains from Business or Profession" and "Income from Other Sources" except:

(A) Individual

(B) HUF

(C) Individuals and HUF who are not covered under the tax audit provisions under Section 44AB

(D) Individuals and HUF who are covered under the tax audit provisions under Section 44AB

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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Income Computation and Disclosure Standards (ICDS) notified by the Central Government are compulsorily required to be maintained by all assessees following mercantile system of accounting while computing Income under the

Answer & Explanation:

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