ICDS applicability

icds is applicable only to the assessees who follow Mercantile system...
moreover, it is applied to determine when a specific income will be chargable either at the time of accrual or at the time of receipt.....
is it correct???
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Quick Summary
This discussion clarifies the applicability of Income Computation and Disclosure Standards (ICDS). It confirms that ICDS applies exclusively to assessees who follow the Mercantile system of accounting. Furthermore, it explains that ICDS is used to determine the point at which specific income becomes chargeable, distinguishing between accrual and receipt.

Yes it is correct
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