Identify and find out which in the following is the false statement regarding applicability of ICDS.

CS Executive · Tax Laws and Practice · PYQS · December 2020

(A) ICDS provisions shall apply for computation of MAT

(B) ICDS apply to tax payers following mercantile system of accounting

(C) ICDS also apply to the person computing Income under the relevant presumptive taxation schemes

(D) ICDS applies to all tax payers except individual and HUF who are not covered under the tax audit provision under section 44AB

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Computation and Disclosure Standards (ICDS)