The Ministry of Finance on 26-11-2015 requested the Stake Holders and General Public to bring-out issues/points which in their opinion is necessary in order to issue a comprehensive guidance/clarification for proper implementation of the provisions of the Income Computation and Disclosure Standards (ICDS).
According to Section 145 (1) of the Income-tax Act, 1961, 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. Section 145 (2) provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income.
The Central Government vide Notification No. S.O.892(E) dated 31-3-2015 notified 10 ICDS, which requires further clarification/ guidance for proper implementation.
The issues/points may be submitted by 15-12-2015 at the email address ([email protected]) 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.
-Ministry of Finance
Source: Legal news India