CBDT notified revised ICDS 2016 applicable from FY 2016-17. ICDS are not applicable to individual/huf not covered under tax audit u/s 44AB
Who is required to follow ICDS?
These income computation and disclosure standards (ICDS).are to be followed by all the assessees except:
(i) individual or a Hindu undivided family (HUF) who is not required to get his accounts tax audited u/s 44AB of the Income Tax Act, 1961
(ii) assessee following cash basis of accounting.
(iii) assessees not having any income under the head “Profits and gains of business or profession” or “Income from other sources”.
From which financial year the ICDS apply?
The revised ICDS apply to the financial year 2016-17 (assessment year 2017-18) and subsequent assessment years.
Number of ICDS notified
ICDS-I to ICDS-X has have been notified as under
|ICDS-I||Accounting Policies||Click Here to download|
|ICDS-II||Valuation of Inventories||Click Here to download|
|ICDS-III||Construction Contracts||Click Here to download|
|ICDS-IV||Revenue Recognition||Click Here to download|
|ICDS-V||Tangible Fixed Assets||Click Here to download|
|ICDS-VI||Changes in Foreign Exchange Rates|
|ICDS-X||Provisions, Contingent Liabilities and Contingent Assets||Click Here to download|
Download CBDT Notified Revised ICDS 2016 Click Here >>