New Delhi, Jan 9 (KNN)  A new draft of twelve Income Computation and Disclosure Standards (ICDS) has been uploaded on the Finance Ministry and Income-Tax Department website, seeking comments from stakeholders and general public.
 
The last date for sending comments is February 8, 2015, an official release from the Ministry of Finance said today.

“Sub- section (1) of Section 145 of the Income-tax Act, 1961 (‘the Act’) provides that the income chargeable under the head “Profits and gain 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,” it said.
 
The Central Board of Direct Taxes (CBDT) had constituted a Committee comprising departmental officers and professionals in December, 2010 to inter alia suggest standards for the purposes of notification under Section 145(2) of the Act.
 
The Committee submitted its first Interim Report in August 2011. The Committee submitted its Final Report along with the Draft of Standards in August, 2012 which was placed in public domain for comments.
 
On the basis of the suggestions received from the stakeholders and examination of the same by the CBDT, the draft standards submitted by the Committee have been revised. (KNN Bureau)