Introduction - Income computation and disclosure standards (ICDS)

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..... idual or an HUF not required to get his/its accounts for the previous year audited u/s 44AB) following mercantile system of accounting, and are to be followed 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". These ICDSs will be a new paradigm for computing taxable income of the assessee. .....

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..... Borrowing costs (w.e.f. AY 2017-18) ICDS - 10 : X - Provisions, contingent liabilities and contingent assets (w.e.f. AY 2017-18) Notes:- * Net effect on the income due to application of ICDS is to be disclosed in the Return of income. The disclosures shall be made in the tax audit report in Form 3CD. However, there shall not be any separate disclosure requirements for persons who are not .....

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..... under the exclusion clause of ICDS. Hence ICDS would not apply. However, if a tax payer opts out of a presumptive taxation, he is required to get his/its accounts audited u/s 44AB and thus ICDS would apply. * ICDS would not apply for the purpose of maintenance of book profits. Tax Auditor is required to certify that the computation of total income is made in accordance with the provisions of I .....

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