{"id":3741,"date":"2015-04-06T07:46:01","date_gmt":"2015-04-06T02:16:01","guid":{"rendered":"http:\/\/www.itatonline.org\/info\/?p=3741"},"modified":"2015-04-06T07:46:01","modified_gmt":"2015-04-06T02:16:01","slug":"cbdt-notification-of-income-computation-and-disclosure-standards-icds","status":"publish","type":"post","link":"https:\/\/itatonline.org\/info\/cbdt-notification-of-income-computation-and-disclosure-standards-icds\/","title":{"rendered":"CBDT Notification of Income Computation and Disclosure Standards (ICDS)"},"content":{"rendered":"<p>The CBDT has issued a Notification dated 31st March 2015 notifying the Income Computation and Disclosure Standards (ICDS) to be followed by all income-tax assessees following the mercantile system of accounting for the purposes of computation of income chargeable to tax under the heads \u201cProfit and gains of business or profession\u201d or \u201cIncome from other sources\u201d. <\/p>\n<p>The ICDS come into force with effect from 1st April 2015 and accordingly, shall apply to the assessment year 2016-17 and subsequent assessment years. The details of ICDSs notified are as under. <\/p>\n<p>ICDS I: Accounting Policies<\/p>\n<p>ICDS II: Valuation of Inventories<\/p>\n<p>ICDS III: Construction Contracts<\/p>\n<p>ICDS IV: Revenue Recognition<\/p>\n<p>ICDS V: Tangible Fixed Assets<\/p>\n<p>ICDS VI: The effects of changes in foreign exchange rates<\/p>\n<p>ICDS VII: Government Grants<\/p>\n<p>ICDS VIII: Securities<\/p>\n<p>ICDS IX: Borrowing Costs<\/p>\n<p>ICDS X: Provisions, Contingent liabilities and Contingent assets   <\/p>\n<p>These ICDS are not for the purpose of maintenance of books of account. <\/p>\n<div class=\"journal2\"><a href=\"https:\/\/www.itatonline.org\/info\/wp-content\/uploads\/2015\/04\/CBDT_ICDS_Notification_310315.pdf\" target=\"_blank\">Click here to download the Notification on ICDS<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The CBDT has issued a Notification dated 31st March 2015 notifying the Income Computation and Disclosure Standards (ICDS) to be followed by all income-tax assessees following the mercantile system of accounting for the purposes of computation of income chargeable to tax under the heads \u201cProfit and gains of business or profession\u201d or \u201cIncome from other sources\u201d<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/info\/cbdt-notification-of-income-computation-and-disclosure-standards-icds\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-3741","post","type-post","status-publish","format-standard","hentry","category-others"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/3741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/comments?post=3741"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/3741\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/media?parent=3741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/categories?post=3741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/tags?post=3741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}