Notification No. 87/2016 : Notification on Income Computation and Disclosure Standards (ICDS)

Last updated: 01 October 2016

Save Share

Join Us Follow Us Add as Source

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 29th September, 2016

S.O. 3079 (E) In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961, the Central Government hereby notifies the income computation and disclosure standards as specified in the Annexure to this notification to be followed by all assessees (other than an individual or a Hindu undivided family who is not required to get his accounts of the previous year audited in accordance with the provisions of section 44AB of the said Act) following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profits and gains of business or profession” or “Income from other sources”.

2. This notification shall apply to the assessment year 2017-18 and subsequent assessment years.

Please refer to the attached file for details

Notification No : 87/2016
Source : https://www.caclubindia.com/notice_circulars/files/322600_7089_notification872016.pdf

Attached File : 322600_7089_notification872016.pdf

downloaded 526 times

794 Views Comment Share Income Tax Report

Notification 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