Income Computation and Disclosure Standards – Notified by Income Tax

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the  29th September, 2016

S.O. 3079 (E) In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961, the Central Government hereby notifies the income computation and disclosure standards as specified in the Annexure to this notification to be followed by all assessees (other than an individual or a Hindu undivided family who is not required to get his accounts of the previous year audited in accordance with the provisions of section 44AB of the said Act) following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profits and gains of business or profession” or “Income from other sources”.

  1. This notification shall apply to the assessment year 2017-18 and subsequent assessment years.

Annexure

  1. Income Computation and Disclosure Standard I relating to accounting policies
  2. Income Computation and Disclosure Standard II relating to valuation of inventories
  3. Income Computation and Disclosure Standard III relating to construction contracts
  4. Income Computation and Disclosure Standard IV relating to revenue recognition
  5. Income Computation and Disclosure Standard V relating to tangible fixed assets
  6. Income Computation and Disclosure Standard VI relating to the effects of changes in foreign exchange rates
  7. Income Computation and Disclosure Standard VII relating to government grants
  8. Income Computation and Disclosure Standard VIII relating to securities
  9. Income Computation and Disclosure Standard IX relating to borrowing costs
  10. Income Computation and Disclosure Standard X relating to provisions, contingent liabilities and contingent assets

 

[Notification No.87/2016, F.No.133/23/2015-TPL]

(PITAMBAR DAS) DIRECTOR (TAX POLICY AND LEGISLATION)

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