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Home » Blog » Account & Audit » Income Computation and Disclosure Standards (ICDSs) Notified by CBDT

Income Computation and Disclosure Standards (ICDSs) Notified by CBDT

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  • Last Updated on 8 April, 2021

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In exercise of the powers conferred by the amended sub-section (2) of section 145, CBDT notified 10 Income Computation and Disclosure Standards (ICDSs) vide Notification S.O.892(E), dated 31-3-2015 as follows:
 

ICDS I

Accounting Policies

ICDS II

Inventories

ICDS III

Construction Contracts

ICDS IV

Revenue Recognition

ICDS V

Tangible Fixed Assets

ICDS VI

Effects of Changes in Foreign Exchange Rates

ICDS VII

Government Grants

ICDS VIII

Securities

ICDS IX

Borrowing Costs

ICDS X

Provisions, Contingent Liabilities and Contingent Assets

 

The said Notification S.O. 892(E) came into force with effect from 1-4-2015 and became applicable with effect from Assessment Year 2016-17. The said Notification S.O. 892(E) rescinded the two Accounting Standards notified by CBDT vide Notification No. 69(E) dated 25-1-1996.

Guide to Income Computation & Disclosure Standards
CBDT has vide Notification No. 87/2016 [S.O. 3079(E)], dated 29-9-2016 come out with New revised versions of the 10 ICDSs as above which shall apply for assessment year 2017-18 and subsequent assessment years.
 
The CBDT has vide Notification No. 86/2016 [S.O. 3078(E)], dated 29-9-2016 rescinded Notification S.O. 892(E) dated 31-3-2015 with effect from 31-3-2016. Consequential amendments have been made to Item No. 13 of Form No. 3CD (Tax audit report) vide Notification No. 88/2016 [S.O. 3080(E)], dated 29-9 2016.
 
 

Also Read: Law & Practice Relating to Income Computation & Disclosure Standards

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied
View all posts by Taxmann

Author TaxmannPosted on August 22, 2019April 8, 2021Categories Account & Audit, Blog

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