{"id":5840,"date":"2015-11-27T16:43:08","date_gmt":"2015-11-27T11:13:08","guid":{"rendered":"http:\/\/www.itatonline.org\/info\/?p=5840"},"modified":"2015-11-27T16:43:08","modified_gmt":"2015-11-27T11:13:08","slug":"cbdt-invites-suggestions-from-public-on-issues-in-icds-requiring-guidance-and-clarification","status":"publish","type":"post","link":"https:\/\/itatonline.org\/info\/cbdt-invites-suggestions-from-public-on-issues-in-icds-requiring-guidance-and-clarification\/","title":{"rendered":"CBDT Invites Suggestions From Public On Issues In ICDS Requiring Guidance And Clarification"},"content":{"rendered":"

The CBDT has issued a press release dated 26.11.2015 pointing out that after notification of ICDS, it has been brought to the notice of the CBDT by the stakeholders that certain provisions of ICDS may need further clarification\/ guidance for proper implementation. These implementation issues raised by the stakeholders have been referred to an expert committee comprising of departmental officers and professionals and the committee is currently examining these issues. The CBDT has stated that in order to issue a comprehensive guidance\/clarification on this matter, the stake holders and general public are requested to bring out issues\/points which in their opinion would require further clarification\/guidance for proper implementation of the provisions of the ICDS. These issues\/points may be submitted by 15th December, 2015 at the email address (dirtpl3@nic.in) or by post at the stated address.<\/p>\n

\nClick here to download CBDT’s press release regarding ICDS<\/a><\/div>\n

<\/p>\n

Government of India
\nMinistry of Finance
\nDepartment of Revenue
\nCentral Board of Direct Taxes<\/p>\n

PRESS RELEASE<\/p>\n

New Delhi, 26th November, 2015<\/p>\n

Subject: Income Computation and Disclosure Standards (ICDS) notified under section 145(2) of the Income-tax Act, 1961.<\/p>\n

Sub-section (1) of section 145 of the Income-tax Act, 1961 provides that the income chargeable under the head \u201cProfits and gains of business or profession\u201d or \u201cIncome from other sources\u201d 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. Sub-section (2) of section 145 provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income. In this background, the Central Government notified 10 ICDS vide Notification No.S.O.892(E) dated 31st March, 2015.<\/p>\n

2. After notification of ICDS, it has been brought to the notice of the Central Board of Direct Taxes by the stakeholders that certain provisions of ICDS may need further clarification\/ guidance for proper implementation. These implementation issues raised by the stakeholders have been referred to an expert committee comprising of departmental officers and professionals and the committee is currently examining these issues.<\/p>\n

3. In order to issue a comprehensive guidance\/clarification on this matter, the stake holders and general public are requested to bring out issues\/points which in their opinion would require further clarification\/guidance for proper implementation of the provisions of the ICDS. These issues\/points may be submitted by 15th December, 2015 at the email address (dirtpl3@nic.in) or by post at the following address with \u201cImplementation issues for ICDS\u201d written on the envelope:<\/p>\n

Director (Tax Policy & Legislation)-III
\nCentral Board of Direct Taxes,
\nRoom No.147-G,
\nNorth Block,
\nNew Delhi-110001
\n(Shefali Shah)
\nPr. Commissioner of Income Tax (OSD)
\nOfficial Spokesperson, CBDT<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The CBDT has issued a press release dated 26.11.2015 pointing out that after notification of ICDS, it has been brought to the notice of the CBDT by the stakeholders that certain provisions of ICDS may need further clarification\/ guidance for proper implementation. These implementation issues raised by the stakeholders have been referred to an expert committee comprising of departmental officers and professionals and the committee is currently examining these issues. The CBDT has stated that in order to issue a comprehensive guidance\/clarification on this matter, the stake holders and general public are requested to bring out issues\/points which in their opinion would require further clarification\/guidance for proper implementation of the provisions of the ICDS. These issues\/points may be submitted by 15th December, 2015 at the email address (dirtpl3@nic.in) or by post at the stated address<\/p>\n

Read more ›<\/a><\/div>\n

<\/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":[1,7],"tags":[],"class_list":["post-5840","post","type-post","status-publish","format-standard","hentry","category-all-information","category-others"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/5840","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=5840"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/5840\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/media?parent=5840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/categories?post=5840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/tags?post=5840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}