CBDT issues FAQs on ICDS
On 31 March 2015, the Ministry of Finance (MoF) issued 10 Income Computation and Disclosure Standards (ICDS) operationalising a new framework for computation of taxable income by all assessees in relation to their income under the heads ‘Profit and gains of business or profession’ (PGBP) and ‘Income from other sources’. The ICDS are applicable to the specified assessees from Assessment Year (AY) 2017-18.
However, certain changes have been made to them. They are as follows:
The CBDT received a number of queries on various aspects of ICDS. Therefore, on 23 March 2017, CBDT issued clarifications in the form of Frequently Asked Questions (FAQs) on issues relating to the application
This issue of First Notes provides an overview of the responses issued by the CBDT corresponding to the ICDS related issues raised.
To access the text of the FAQs on ICDS issued by CBDT, please click here.
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