A strain-based forming limit criterion is widely used in sheet-metal forming industry to predict necking. However, this criterion is usually valid when the strain path is linear throughout the deformation process . Strain path in incremental sheet forming is often found to be severely nonlinear throughout the deformation history. Therefore, the practice of using a strain-based forming limit criterion often leads to erroneous assessments of formability and failure prediction. On the other hands, stress-based forming limit is insensitive against any changes in the strain path and hence it is first used to model the necking limit in incremental sheet forming. The stress-based forming limit is also combined with the fracture limit based on maximum shear stress criterion to show necking and fracture together. A derivation for a general mapping method from strain-based FLC to stress-based FLC using a non-quadratic yield function has been made. Simulation model is evaluated for a single point incremental forming using AA 6022-T43, and checked the accuracy against experiments. By using the path-independent necking and fracture limits, it is able to explain the deformation mechanism successfully in incremental sheet forming. The proposed model has given a good scientific basis for the development of ISF under nonlinear strain path and its usability over conventional sheet forming process as well.