PRESS RELEASE, DATED 26-11-2015
Sub-section (1) of section 145 of the Income-tax Act, 1961 provides that the income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall, subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of section 145 provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income. In this background, the Central Government notified 10 ICDS vide Notification No.S.O.892(E) dated 31st March, 2015.
2. After notification of ICDS, it has been brought to the notice of the Central Board of Direct Taxes by the stakeholders that certain provisions of ICDS may need further clarification/guidance for proper implementation. These implementation issues raised by the stakeholders have been referred to an expert committee comprising of departmental officers and professionals and the committee is currently examining these issues.
3. In order to issue a comprehensive guidance/clarification on this matter, the stake holders and general public are requested to bring out issues/points which in their opinion would require further clarification/guidance for proper implementation of the provisions of the ICDS. These issues/points may be submitted by 15th December, 2015 at the email address (email@example.com) or by post at the following address with “Implementation issues for ICDS” written on the envelope: