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Voices on Reporting : October 2016
Voices on Reporting : October 2016
Special session on revised Income Computation and Disclosure Standards (ICDS)
Background
On 31 March 2015, the Ministry of Finance (MOF) issued 10 Income Computation and Disclosure Standards (ICDS). These standards were to be applicable for Previous Year (PY) commencing from 1 April 2015, i.e., Assessment Year (AY) 2016-17 onwards.
Following developments have taken place subsequent to notification of ICDS:
- Number of representations were made by many stakeholders which were examined by an Expert Committee (the Committee) comprising departmental officers and professionals. The Committee recommended amendments to the notified ICDS as well as issuance of clarifications in respect of certain points raised by the stakeholders.
- On 6 July 2016, MOF announced that the ICDS should be revised along with Tax Audit Report (Form No. 3CD).
- Additionally, on 6 July 2016, MoF announced deferment of ICDS by one year. Therefore, ICDS shall be applicable from 1 April 2016 i.e. PY 2016-17 (AY 2017-18).
New development
On 29 September 2016, revised ICDS have been issued. The revised ICDS are applicable to all assessees other than an individual or a Hindu undivided family who is not required to get his accounts of the PY audited in accordance with the provisions of Section 44AB of the Income-tax Act, 1961. The ICDS would be applied by assessees in relation to income chargeable under the heads ‘Profit and gains of business or profession” and ‘Income from other sources’.
The MOF has also amended the Tax Audit Report to provide:
- Details of adjustments relating to ICDS
- Disclosures as per ICDS.
This was a special session of our Voices on Reporting call which provided an
overview of the key changes to the ICDS and their likely impact on companies in India.
Downloads:
Slide deck - October 2016(PDF, 752 KB)
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