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

Ministry of Finance<\/strong><\/p>\n

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

Central Board of Direct Taxes<\/strong> <\/span><\/p>\n

 PRESS RELEASE<\/strong><\/p>\n

 <\/p>\n

9<\/strong>^{th<\/sup><\/strong> January, 2015<\/strong><\/p>\n}

 <\/p>\n

Subject:           Draft of Income Computation and
\nDisclosure Standards (ICDS) for the purpose of notification under section
\n145(2) of the Income-tax Act, 1961.<\/strong><\/p>\n

 <\/p>\n

Sub- section (1) of section 145 of the Income-tax
\nAct, 1961 (\u201ethe Act?) provides that the income chargeable under the head
\n\u201cProfits and gain of business or profession\u201d or \u201cIncome from other sources\u201d
\nshall [subject to the provisions of sub-section (2)] be computed in accordance
\nwith either cash or mercantile system of accounting regularly employed by the
\nassessee. Sub-section (2) of section 145 provides that the Central Government
\nmay notify Income Computation and Disclosure Standards(ICDS) for any class of
\nasssessees or for any class of income.<\/p>\n

 <\/p>\n

2.                 
\nThe Central Board of Direct
\nTaxes(\u201eCBDT?) had constituted a Committee comprising departmental officers and
\nprofessionals in December,2010 to inter alia suggest standards for the purposes
\nof notification under section 145(2) of the Act. The Committee submitted its
\nfirst interim report in August 2011. The Committee submitted its final report
\nalong with the draft of standards in August, 2012 which was placed in public
\ndomain for comments. <\/p>\n

 <\/p>\n

3.                 
\nOn the basis of the suggestions received
\nfrom the stakeholders and examination of the same by the CBDT, the draft
\nstandards submitted by the Committee have been revised. <\/p>\n

 <\/p>\n

4
\nThe new draft of 12 Income Computation and Disclosure Standards(ICDS) has been
\nuploaded on the Finance Ministry website (www.finmin.nic.in<\/a>)
\nand Income-tax Department website (www.incometaxindia.gov.in<\/a>)
\nfor comments from stakeholders and general public. The comments and suggestions
\non the draft ICDS may be submitted by 8^{th<\/sup>
\nFebruary, 2015 at the email address (dirtpl3@nic.in
\nor rkbhoot@gmail.com) or by post at the
\nfollowing address with \u201cComments on
\ndraft ICDS\u201d written on the envelope: <\/p>\n}

 Director(
\nTax Policy & Legislation)-III<\/p>\n

 Central Board of
\nDirect Taxes,<\/p>\n

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

North Block,<\/p>\n

New Delhi-110001<\/p>\n

 <\/p>\n

(Rekha Shukla)<\/strong><\/p>\n

 Commissioner of Income
\nTax<\/strong><\/p>\n

 (Media & Technical
\nPolicy)<\/strong><\/p>\n

 Official Spokesperson, CBDT<\/strong><\/p>\n

 Download draft ICDS<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

Government of India  Department of Revenue  PRESS RELEASE            Director( Tax Policy & Legislation)-III    Commissioner of Income Tax  Official Spokesperson, CBDT  Download draft ICDS<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"page_blog.php","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":[26,47],"class_list":["post-61","post","type-post","status-publish","format-standard","hentry","category-income-tax","tag-income-tax","tag-standards"],"yoast_head":"\n