New Income Computation and Disclosure Standards (ICDS) will applicable from assessment year 2017-18.

Central Board of direct taxes specify new Income computation and disclosure standards vide Notification No. 87/2016, dated 29^th September 2016.

These Standards will be required to be followed by all assesse (expect Individual and HUF, who are not required to get his accounts audited under section 44AB in previous year) for computation of income chargeable under the head of “Profit and gains of business & profession” or “Income from other sources”.

As per the notification “New Income Computation and Disclosure Standards (ICDS) “will be applicable for the assessment year 2017-18 and subsequent assessment years.

Earlier by notification No. 892(E ) dated 31^st March 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These were decided to be applicable from assessment year 2016-17.

Later on CBDT decides that ICDS will be applicable from assessment year 2017-18, due to various representation received by expert committee for the requirement of revision of standards.

Vide Notification 86/2016, Dated 29^th September, 2016, CBDT rescinds the Notification No. S.O. 892(E), Dated 31^st March 2015 and Issue a new Income Computation and Disclosure Standards (ICDS) by Notification No.87/2016,Dated 29^th September, 2016.

New Income Tax Computation and Disclosure Standards