Скачать или смотреть Cracking Clause 13 of Form 3CD

Clause 13 Deep Dive | Accounting Standards Compliance | Form 3CD FY 2024–25
📊 Disclosure of ICDS & Accounting Standards in Tax Audit

Welcome to The Tax Explainer, your reliable destination for decoding tax and audit clauses step-by-step. This video is presented by SAJ & Co. Chartered Accountants, experts in audit, compliance, and taxation.

In this video, we explain Clause 13 of Form 3CD, which focuses on Accounting Standards and Income Computation and Disclosure Standards (ICDS) compliance. This clause plays a crucial role in ensuring transparent tax reporting.

📌 What You’ll Learn in This Video:
Sub-Clause Title Explanation
13(a) Method of Valuation of Closing Stock Disclose how closing stock is valued (Cost, Market Price, or Cost or NRV whichever is lower).
13(b) Change in Method & Effect Report any change in stock valuation method during the year and quantify its impact on profit or loss.
13(c) ICDS Disclosure Specify whether ICDS notified by CBDT have been followed, and if not, explain the deviation with reasons.

✅ Key Takeaways from Clause 13:
Importance of consistent stock valuation methods

How changes in valuation affect taxable income

Understanding ICDS vs Accounting Standards

Disclosure requirements for non-corporate assesses too (not just companies)

Auditor's role in quantifying deviations

📂 Examples Covered:

Change from FIFO to weighted average method

ICDS I (Accounting Policies) and ICDS II (Valuation of Inventories) explained

Difference between AS-2 and ICDS-II

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📺 Previous Video: Clause 12 – Method of Accounting
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