{"id":133,"date":"2015-11-27T00:00:00","date_gmt":"2015-11-26T18:30:00","guid":{"rendered":""},"modified":"2015-12-29T11:07:52","modified_gmt":"2015-12-29T05:37:52","slug":"cbdt-requested-to-the-stake-holders-and-general-public-to-bring-out-issues-of-the-icds-for-further-clarification","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/income-tax\/cbdt-requested-to-the-stake-holders-and-general-public-to-bring-out-issues-of-the-icds-for-further-clarification\/","title":{"rendered":"CBDT requested to the stake holders and general public to bring out issues of the ICDS for further clarification"},"content":{"rendered":"

<\/a>Government of
\nIndia<\/strong><\/span><\/p>\n

 Ministry of Finance<\/strong><\/p>\n

Department of Revenue<\/strong><\/p>\n

Central Board of Direct
\nTaxes<\/strong><\/p>\n

 PRESS RELEASE<\/strong><\/p>\n

 <\/p>\n

New Delhi,  26th November, 2015<\/p>\n

 <\/p>\n

\n
Subject:<\/strong>          <\/div>\n

Income Computation and Disclosure
\nStandards (ICDS) notified under <\/strong>section 145(2) of the
\nIncome-tax Act, 1961.<\/strong><\/h2>\n<\/div>\n

 <\/p>\n

 Sub-section (1) of section 145 of the Income-tax
\nAct, 1961 provides that the income chargeable under the head \u201cProfits and gains
\nof business or profession\u201d or \u201cIncome from other sources\u201d shall, subject to the
\nprovisions of sub-section (2), be computed in accordance with either cash or
\nmercantile system of accounting regularly employed by the assessee. Sub-section
\n(2) of section 145 provides that the Central Government may notify Income
\nComputation and Disclosure Standards (ICDS) for any class of assessees or for
\nany class of income. In this background, the Central Government notified 10
\nICDS vide Notification No.S.O.892(E) dated 31st<\/sup>
\nMarch, 2015.<\/p>\n

 2.
\nAfter notification of ICDS, it has been brought to the notice of the Central
\nBoard of Direct Taxes by the stakeholders that certain provisions of ICDS may
\nneed further clarification\/ guidance for proper implementation. These
\nimplementation issues raised by the stakeholders have been referred to an
\nexpert committee comprising of departmental officers and professionals and the
\ncommittee is currently examining these issues.<\/p>\n

 3. In order to issue a comprehensive
\nguidance\/clarification on this matter, the stake holders and general public are
\nrequested to bring out issues\/points which in their opinion would require
\nfurther clarification\/guidance for <\/span>proper implementation of the provisions of
\nthe ICDS. These issues\/points may be submitted by 15<\/span>th<\/sup>
\nDecember, 2015 at the email address (dirtpl3@nic.in)
\nor by post at the following address with \u201cImplementation issues for ICDS\u201d
\nwritten on the envelope:<\/span><\/p>\n

 <\/p>\n

Director (Tax
\nPolicy & Legislation)-III<\/p>\n

Central
\nBoard of Direct Taxes,<\/p>\n

Room No.147-G,<\/p>\n

North
\nBlock,<\/p>\n

New Delhi-110001<\/p>\n

 <\/p>\n

 <\/p>\n

(Shefali Shah)<\/strong><\/p>\n

 Pr. Commissioner of Income Tax
\n(OSD)<\/strong><\/p>\n

Official
\nSpokesperson, CBDT<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[67],"yoast_head":"\nCBDT requested to the stake holders and general public to bring out issues of the ICDS for further clarification - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/income-tax\/cbdt-requested-to-the-stake-holders-and-general-public-to-bring-out-issues-of-the-icds-for-further-clarification\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBDT requested to the stake holders and general public to bring out issues of the ICDS for further clarification - All About Finance\" \/>\n<meta property=\"og:description\" content=\"Government of India Department of Revenue  PRESS RELEASE New Delhi,  26th November, 2015    2. 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