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Q. > Please Help: IMPACT OF ICDS ON TAXABLE INCOME
X AN ASSESEE DECLARED INCOME OF RS 1.00 LACS FROM BUSINESS & PROFESSION (COVERED U/S 44AB). THERE IS IMPACT OF RS 0.50 IN CHANGE IN VALUE OF INVENTORY AS PER ICDS II, BUT WHILE FILLING IN ITR TAX IS CALUCLATED ON 1.00 ONLY, IGNORING 0.50 LACS CHANGE IN ICDS, WHILE WE SEE THE PHYSICAL FORMATE OF ITR WE FIND THE 0.50 AMOUNT DUE TO CHANGE IN IMPACT OF ICDS IS CORRECTLY SHOWN IN OTHER INFORMATION COLUMN.
MY QUERY IS WHETHER IMPACT OF ICDS IS ONLY FOR DISCLOSURES PURPOSE OR TAX IS CALCULATED ON TAKING INTO ACCOUNT OF THE ICDS IMPACT. AND WHERE TO FILL THE AMOUNT OF CHANGE IN IMPACT OF ICDS IN ITR.
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