{"id":3259,"date":"2016-07-18T10:45:41","date_gmt":"2016-07-18T05:15:41","guid":{"rendered":"https:\/\/taxclick.org\/?p=3259"},"modified":"2016-07-18T11:01:52","modified_gmt":"2016-07-18T05:31:52","slug":"icds-shall-applicable-1-4-2016-e-previous-year-2016-17","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/","title":{"rendered":"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>Government of India <\/strong><\/p>\n<p style=\"text-align: center;\"><strong>Ministry of Finance <\/strong><\/p>\n<p style=\"text-align: center;\"><strong>Department of Revenue <\/strong><\/p>\n<p style=\"text-align: center;\"><strong>Central Board of Direct Taxes <\/strong><\/p>\n<p style=\"text-align: center;\"><strong><u>PRESS RELEASE\u00a0 <\/u><\/strong><\/p>\n<p style=\"text-align: right;\"><strong>New Delhi, 6th July, 2016 <\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Subject: Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income -tax Act, 1961. <\/strong><\/p>\n<p style=\"text-align: justify;\">Vide Notification No. SO 892 (E) dated 31st March, 2015, Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS, a number of representations were received which were examined by an Expert Committee. The Committee has recommended amendments to the notified ICDS and also issuance of clarification in respect of certain points raised by the stakeholders.<\/p>\n<p style=\"text-align: justify;\">2. The revision of ICDS\/issue of clarifications as recommended by the Committee, is under consideration. The revision of the Tax Audit Report is also being made for ensuring the compliance with the provisions of ICDS and for capturing the disclosures mandated by the ICDS.<\/p>\n<p style=\"text-align: justify;\">3. Some of the tax payers might have filed their return of income and obtained Tax Audit Report without incorporating the compliance with the ICDS and related disclosures in the absence of the revised Tax Audit Report. Considering these facts, it has been decided that the ICDS shall be applicable from 1.4.2016 i.e. previous year 2016-17 (Assessment Year 2017- 18). The notification to this effect will be issued shortly.<\/p>\n<p style=\"text-align: right;\"><strong>(Dr. B. K. Sinha) <\/strong><\/p>\n<p style=\"text-align: right;\"><strong>Commissioner of Income Tax <\/strong><\/p>\n<p style=\"text-align: right;\"><strong>(Media and Technical Policy) <\/strong><\/p>\n<p style=\"text-align: right;\"><strong>Official Spokesperson, CBDT.<\/strong><\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/taxclick.org\/wp-content\/uploads\/2016\/07\/Press-Release-Applicability-of-Income-Computation-06-07-2016.pdf\" target=\"_blank\" rel=\"\">Download Original Press Release<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE\u00a0 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 &#8230; <a title=\"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17\" class=\"read-more\" href=\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/\" aria-label=\"More on ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","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":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17 - 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\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17 - All About Finance\" \/>\n<meta property=\"og:description\" content=\"Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE\u00a0 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\" \/>\n<meta property=\"og:url\" content=\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/\" \/>\n<meta property=\"og:site_name\" content=\"All About Finance\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-18T05:15:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-07-18T05:31:52+00:00\" \/>\n<meta name=\"author\" content=\"Taxclick Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Taxclick Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/\"},\"author\":{\"name\":\"Taxclick Team\",\"@id\":\"https:\/\/taxclick.org\/#\/schema\/person\/001610fef58d5ab169d94a2403c6a227\"},\"headline\":\"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17\",\"datePublished\":\"2016-07-18T05:15:41+00:00\",\"dateModified\":\"2016-07-18T05:31:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/\"},\"wordCount\":251,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/taxclick.org\/#organization\"},\"keywords\":[\"ICDS\"],\"articleSection\":[\"Income Tax\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/\",\"url\":\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/\",\"name\":\"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17 - All About Finance\",\"isPartOf\":{\"@id\":\"https:\/\/taxclick.org\/#website\"},\"datePublished\":\"2016-07-18T05:15:41+00:00\",\"dateModified\":\"2016-07-18T05:31:52+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/taxclick.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/taxclick.org\/#website\",\"url\":\"https:\/\/taxclick.org\/\",\"name\":\"All About Finance\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/taxclick.org\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/taxclick.org\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/taxclick.org\/#organization\",\"name\":\"All About Finance\",\"url\":\"https:\/\/taxclick.org\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/taxclick.org\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/taxclick.org\/wp-content\/uploads\/2016\/01\/taxclick-logo.png\",\"contentUrl\":\"https:\/\/taxclick.org\/wp-content\/uploads\/2016\/01\/taxclick-logo.png\",\"width\":235,\"height\":68,\"caption\":\"All About Finance\"},\"image\":{\"@id\":\"https:\/\/taxclick.org\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/taxclick.org\/#\/schema\/person\/001610fef58d5ab169d94a2403c6a227\",\"name\":\"Taxclick Team\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/taxclick.org\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/e6fa54245d717c2dfae29cb1bb4ee5d9?s=96&d=ANSPRESS_AVATAR_SRC&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/e6fa54245d717c2dfae29cb1bb4ee5d9?s=96&d=ANSPRESS_AVATAR_SRC&r=g\",\"caption\":\"Taxclick Team\"},\"description\":\"This is the team of the finance profession who, update the site on daily basis. The team is also responsible for giving the update as earliest and also give the timely reply to the quires asked by the visitors. The team can be reached at info@taxclick.org.\",\"url\":\"https:\/\/taxclick.org\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17 - All About Finance","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/","og_locale":"en_US","og_type":"article","og_title":"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17 - All About Finance","og_description":"Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE\u00a0 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","og_url":"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/","og_site_name":"All About Finance","article_published_time":"2016-07-18T05:15:41+00:00","article_modified_time":"2016-07-18T05:31:52+00:00","author":"Taxclick Team","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Taxclick Team","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/#article","isPartOf":{"@id":"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/"},"author":{"name":"Taxclick Team","@id":"https:\/\/taxclick.org\/#\/schema\/person\/001610fef58d5ab169d94a2403c6a227"},"headline":"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17","datePublished":"2016-07-18T05:15:41+00:00","dateModified":"2016-07-18T05:31:52+00:00","mainEntityOfPage":{"@id":"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/"},"wordCount":251,"commentCount":0,"publisher":{"@id":"https:\/\/taxclick.org\/#organization"},"keywords":["ICDS"],"articleSection":["Income Tax"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/","url":"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/","name":"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17 - All About Finance","isPartOf":{"@id":"https:\/\/taxclick.org\/#website"},"datePublished":"2016-07-18T05:15:41+00:00","dateModified":"2016-07-18T05:31:52+00:00","breadcrumb":{"@id":"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/taxclick.org\/type\/income-tax\/icds-shall-applicable-1-4-2016-e-previous-year-2016-17\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/taxclick.org\/"},{"@type":"ListItem","position":2,"name":"ICDS shall be applicable from 1.4.2016 i.e from the previous year 2016-17"}]},{"@type":"WebSite","@id":"https:\/\/taxclick.org\/#website","url":"https:\/\/taxclick.org\/","name":"All About Finance","description":"","publisher":{"@id":"https:\/\/taxclick.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/taxclick.org\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/taxclick.org\/#organization","name":"All About Finance","url":"https:\/\/taxclick.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/taxclick.org\/#\/schema\/logo\/image\/","url":"https:\/\/taxclick.org\/wp-content\/uploads\/2016\/01\/taxclick-logo.png","contentUrl":"https:\/\/taxclick.org\/wp-content\/uploads\/2016\/01\/taxclick-logo.png","width":235,"height":68,"caption":"All About Finance"},"image":{"@id":"https:\/\/taxclick.org\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/taxclick.org\/#\/schema\/person\/001610fef58d5ab169d94a2403c6a227","name":"Taxclick Team","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/taxclick.org\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/e6fa54245d717c2dfae29cb1bb4ee5d9?s=96&d=ANSPRESS_AVATAR_SRC&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e6fa54245d717c2dfae29cb1bb4ee5d9?s=96&d=ANSPRESS_AVATAR_SRC&r=g","caption":"Taxclick Team"},"description":"This is the team of the finance profession who, update the site on daily basis. The team is also responsible for giving the update as earliest and also give the timely reply to the quires asked by the visitors. The team can be reached at info@taxclick.org.","url":"https:\/\/taxclick.org\/author\/admin\/"}]}},"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"yarpp-thumbnail":false},"uagb_author_info":{"display_name":"Taxclick Team","author_link":"https:\/\/taxclick.org\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE\u00a0 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&hellip;","_links":{"self":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/posts\/3259"}],"collection":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/comments?post=3259"}],"version-history":[{"count":0,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/posts\/3259\/revisions"}],"wp:attachment":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/media?parent=3259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/categories?post=3259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/tags?post=3259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}