Simplified Laws Guide to Taxation and Legal Concern In order to bring clarity on taxation issues, the government has notified new tax accounting standards relating to income computation and disclosures by businesses.
The assesses for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or “Income from other sources” have to follow Income Computation and Disclosure Standards (ICDS). This notification shall come into force with effect from 1st day of April, 2015, and shall accordingly apply to the assessment year 2016-17 and subsequent assessment years.
You can download the standards here.
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