Question

What is the primary purpose of the Income Computation and Disclosure Standards (ICD

  • S ?
A To replace accounting standards used for financial reporting Correct Answer Incorrect Answer
B To standardise the computation of taxable income under the Income Tax Act, 1961 Correct Answer Incorrect Answer
C To provide exemptions from income tax Correct Answer Incorrect Answer
D To regulate how books of accounts are maintained Correct Answer Incorrect Answer

Solution

The correct answer is B

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