Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Wednesday, July 6, 2016

CBDT extends the applicability of ICDS from Asst Year 2016-17 to 2017-18

Income Computation and Disclosure Standards (ICDS) notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 1stApril, 2016 
Today Ministry of Finance has announced the extension of applicability of ICDS from 01.04.2016 i.e Assessment Year 2017-18.

The Central Government notified 10 Income Computation and Disclosure Standards (ICDS) Vide Notification No 892 dated 31.03.2015. These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17).

The revision of ICDS/issue of clarifications are under consideration & the revision of the Tax Audit Report is also being made for ensuring the compliance with the provisions of ICDS and for capturing the disclosures mandated by the ICDS. 

Considering representations and pending clarifications CBDT has announced the applicability of ICDS from 1.4.2016 i.e. previous year 2016-17 (Assessment Year 2017-18). The notification to this effect will be issued shortly.

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