Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18 - 87/2016 - Income Tax

​ GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION 87/2016 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 . 2. This notification shall apply to the assessment year 2017-18 and subsequent assessment years. Annexure ICDS - 01 : I - Accounting policies (w.e.f. AY 2017-18) ICDS - 02 : II - Valuation of inventories (w.e.f. AY 2017-18) ICDS - 03 : III - Construction contracts (w.e.f. AY 2017-18) ICDS - 04 : IV - Revenue recognition (w.e.f. AY 2017-18) ICDS - 05 : V - Tangible fixed assets (w.e.f. AY 2017-18) ICDS - 06 : VI - Effects of changes in foreign exchange rates (w.e.f. AY 2017-18) ICDS - 07 : VII Government grants (w.e.f. AY 2017-18) ICDS - 08 : VIII - Securities (w.e.f. AY 2017-18) ICDS - 09 : IX - Borrowing costs (w.e.f. AY 2017-18) ICDS - 10 : X - Provisions, contingent liabilities and contingent assets (w.e.f. AY 2017-18) [F.No.133/23/2015-TPL] (PITAMBAR DAS) DIRECTOR (TAX POLICY AND LEGISLATION)