CBDT notified revised ICDS 2016 applicable from FY 2016-17. ICDS not applicable to individual/huf not covered under tax audit u/s 44AB

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

Download CBDT Notified Revised ICDS 2016 Click Here >>