Implementation of the provisions of the ICDS

Last updated: 27 November 2015 Follow on Google News

Stake Holders and General Public requested to bring-out Issues/Points by 15th December, 2015 which in their opinion require further Clarification/Guidance for proper Implementation of the Provisions of the Income Computation and Disclosure Standards (ICDS)

Sub-section (1) of Section 145 of the Income-tax Act, 1961 provides that the income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall, subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of Section 145 provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income. In this background, the Central Government notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015.

After notification of ICDS, it has been brought to the notice of the Central Board of Direct Taxes (CBDT) by the stakeholders that certain provisions of ICDS may need further clarification/ guidance for proper implementation. These implementation issues raised by the stakeholders have been referred to an expert committee comprising of departmental officers and professionals and the Committee is currently examining these issues.

In order to issue a comprehensive guidance/clarification on this matter, the stake holders and general public are requested to bring-out issues/points which in their opinion would require further clarification/guidance for proper implementation of the provisions of the ICDS. These issues/points may be submitted by 15th December, 2015 at the email address (dirtpl3@nic.in) or by post at the following address with “Implementation issues for ICDS” written on the envelope: Director (Tax Policy & Legislation)-III, Central Board of Direct Taxes (CBDT), Room No.147-G, North Block, New Delhi-110001

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

10722 Views Comment Share Others Report

News posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments