New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015

Sub- section (1) of Section 145 of the Income-tax Act, 1961 (‘the Act’) provides that the income chargeable under the head “Profits and gain 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 asssessees or for any class of income.

The Central Board of Direct Taxes (CBDT) had constituted a Committee comprising departmental officers and professionals in December, 2010 to inter alia suggest standards for the purposes of notification under Section 145(2) of the Act. The Committee submitted its first Interim Report in August 2011. The Committee submitted its Final Report along with the Draft of Standards in August, 2012 which was placed in public domain for comments.

On the basis of the suggestions received from the stakeholders and examination of the same by the CBDT, the draft standards submitted by the Committee have been revised.

 The comments and suggestions on the draft ICDS may be submitted by 8th February, 2015 at the email address (dirtpl3@nic.in or rkbhoot@gmail.com) or by post at the following address with “Comments on draft ICDS” written on the envelope:

List of Income Computation and Disclosure Standards [ICDS]

  1. Income Computation and Disclosure Standard [ICDS] – Accounting Policies
  2. Income Computation and Disclosure [ICDS]- Valuation of Inventories
  3. Income Computation and Disclosure [ICDS]-Construction Contracts
  4. Income Computation and Disclosure Standard [ICDS] – Revenue Recognition
  5. Income Computation and Disclosure Standard [ICDS] – Tangible Fixed Assets
  6. Income Computation and Disclosure Standard [TAS] – The Effects of Changes in Foreign Exchange Rates
  7. Income Computation and Disclosure Standard [ICDS]- Government Grants
  8. Income Computation and Disclosure Standard (TAS) – Securities
  9. Income Computation and Disclosure Standard [TAS] – Borrowing Costs
  10. Income Computation and Disclosure Standard [TAS] – Leases
  11. Income Computation and Disclosure Standard [ICDS] – Intangible Assets
  12. Income Computation and Disclosure Standard [ICDS] – Provisions, Contingent Liabilities and Contingent Assets

Download DRAFT INCOME COMPUTATION AND DISCLOSURE STANDARDS [ICDS]

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Category : Income Tax (25829)
Type : News (12953)
Tags : CBDT (679) ICDS (65)

0 responses to “CBDT releases 12 Income Computation & Disclosure Standards for comments”

  1. vsnmurty says:

    Dear professinals,

    Institutes of,Ca,Cwa, Cs,have already issued nummber of standards.Now income tax tomorrow may be another body,no respite. Why this mistrust? Can’t we think of uniform accounting practice.Whose interest we are trying serve.Iam sure by adopting uniform accounting practice there will not be any
    loss if you consider long term perspective.After all it is not the individual but the country is the Subject

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