Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
9th January, 2015
Subject: Draft of Income Computation and
Disclosure Standards (ICDS) for the purpose of notification under section
145(2) of the Income-tax Act, 1961.
Sub- section (1) of section 145 of the Income-tax
Act, 1961 („the Act?) provides that the income chargeable under the head
“Profits and gain of business or profession” or “Income from other sources”
shall [subject to the provisions of sub-section (2)] be computed in accordance
with either cash or mercantile system of accounting regularly employed by the
assessee. Sub-section (2) of section 145 provides that the Central Government
may notify Income Computation and Disclosure Standards(ICDS) for any class of
asssessees or for any class of income.
2.
The Central Board of Direct
Taxes(„CBDT?) had constituted a Committee comprising departmental officers and
professionals in December,2010 to inter alia suggest standards for the purposes
of notification under section 145(2) of the Act. The Committee submitted its
first interim report in August 2011. The Committee submitted its final report
along with the draft of standards in August, 2012 which was placed in public
domain for comments.
3.
On the basis of the suggestions received
from the stakeholders and examination of the same by the CBDT, the draft
standards submitted by the Committee have been revised.
4
The new draft of 12 Income Computation and Disclosure Standards(ICDS) has been
uploaded on the Finance Ministry website (www.finmin.nic.in)
and Income-tax Department website (www.incometaxindia.gov.in)
for comments from stakeholders and general public. The comments and suggestions
on the draft ICDS may be submitted by 8th
February, 2015 at the email address (dirtpl3@nic.in
or rkbhoot@gmail.com) or by post at the
following address with “Comments on
draft ICDS” written on the envelope:
Director(
Tax Policy & Legislation)-III
Central Board of
Direct Taxes,
Room No.147-G,
North Block,
New Delhi-110001
(Rekha Shukla)
Commissioner of Income
Tax
(Media & Technical
Policy)
Official Spokesperson, CBDT
