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.
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.
