CBDT requested to the stake holders and general public to bring out issues of the ICDS for further clarification

Government of
India

 Ministry of Finance

Department of Revenue

Central Board of Direct
Taxes

 PRESS RELEASE

 

New Delhi,  26th November, 2015

 

Subject:          

Income Computation and Disclosure
Standards (ICDS) notified under 
section 145(2) of the
Income-tax Act, 1961.

 

 Sub-section (1) of section 145 of the Income-tax
Act, 1961 provides that 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. 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.

 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.

 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 15
th
December, 2015 at the email address (dirtpl3@nic.in)
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,

Room No.147-G,

North
Block,

New Delhi-110001

 

 

(Shefali Shah)

 Pr. Commissioner of Income Tax
(OSD)

Official
Spokesperson, CBDT

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