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CBDT issued 12 drafts of Income Computation and Disclosure Standards (ICDS) after taking suggestions from stakeholders and the draft ICDS were open for comments and suggestions till 8 February 2015. After taking suggestion 10 ICDS is finalized by CBDT on 31st march 2015. It will applicable from AY 2017-18.
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If there is any conflict arise between the income tax act, 1961 and ICDS then provision of act will get preference.
List of 10 ICDS issued by CBDT are as follows:-
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Central Board of Indirect Taxes & Customs Circulars Issued on 26th June 2024 Following the recommendations from the 53rd GST… Read More