Applicability of Income Computation & Disclosure Standards (ICDS) Postponed

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According to the press release of Central Board of Direct Taxes (CBDT), it has been decided that ICDS, as notified under Sec 145(2) of The Income Tax Act, 1961 shall be applicable from 01-04-2016 instead of 01-04-2015.

Because of representation made by stakeholders and examined by the expert committee, the expert committee thus recommended some amendments yet to be notified (Vide Notification No. 892 dated 31-03-2015. Some clarifications were also needed to be explained, as points were raised by the stakeholders.

It is noteworthy that Revised Tax Audit Report Format was also not issued by the CBDT till date, comprising the compliance with ICDS.

So it has been decided by the CBDT that ICDS will be applicable from the accounting year 2016-17 (Assessment Year 2017-18). Official notification to this effect is yet to be issued by the Board.

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