About: Income Computation and Disclosure Standards

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Income Computation and Disclosure Standards (ICDS) were issued by the Government of India in exercise of powers conferred to it under section 145(2) of The Income Tax Act, 1961. The Ministry of Finance published 14 draft ICDS, out of which 10 ICDS were notified by the government on 31 March 2015. The government specified a deferment of one year from the date of implementation of these standards; the notified ICDS will be applicable from the financial year 2016-17. The Form 3CD (Tax Audit Report) is already been revised for making mandatory disclosures in compliance with ICDS.

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  • Income Computation and Disclosure Standards (ICDS) were issued by the Government of India in exercise of powers conferred to it under section 145(2) of The Income Tax Act, 1961. The Ministry of Finance published 14 draft ICDS, out of which 10 ICDS were notified by the government on 31 March 2015. The government specified a deferment of one year from the date of implementation of these standards; the notified ICDS will be applicable from the financial year 2016-17. ICDS were issued with the aim of bringing uniformity in accounting policies governing computation of income in accordance with tax related provisions, and also reducing the irregularities amongst them. The ICDS were developed using Generally Accepted Accounting Principles (GAAPs) with assistance from the Institute of Chartered Accountants of India. The Form 3CD (Tax Audit Report) is already been revised for making mandatory disclosures in compliance with ICDS. (en)
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  • Income Computation and Disclosure Standards (ICDS) were issued by the Government of India in exercise of powers conferred to it under section 145(2) of The Income Tax Act, 1961. The Ministry of Finance published 14 draft ICDS, out of which 10 ICDS were notified by the government on 31 March 2015. The government specified a deferment of one year from the date of implementation of these standards; the notified ICDS will be applicable from the financial year 2016-17. The Form 3CD (Tax Audit Report) is already been revised for making mandatory disclosures in compliance with ICDS. (en)
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  • Income Computation and Disclosure Standards (en)
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