ICDS

ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17

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Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE  New Delhi, 6th July, 2016 Subject: Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income -tax Act, 1961. Vide Notification No. SO 892 (E) dated 31st March, 2015, Central Government notified 10 … Read more

CBDT requested to the stake holders and general public to bring out issues of the ICDS for further clarification

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Government of India Department of Revenue  PRESS RELEASE New Delhi,  26th November, 2015    2. After notification of ICDS, it has been brought to the notice of the Central Board of Direct Taxes by the stakeholders that certain provisions of ICDS may need further clarification/ guidance for proper implementation. These implementation issues raised by the … Read more

The provision in the Finance Bill, 2015, will not affect the LPG subsidy and other welfare subsidies received by individuals

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Certain doubts have been raised in a section of the media about the applicability of the official amendment moved in the Finance Bill, 2015 in the Lok Sabha on 30th April, 2015 with respect to definition of ‘income’.  Sub-section (2) of section 145 provides that the Central Government may notify Income Computation and Disclosure Standards … Read more