Contact Your Financial
Adviser MONEY MAKING MC
07 July 2016
New
Delhi: The
Income Computation and Disclosure Standards (ICDS) shall be now applicable from
April 1, 2016 instead of April 1, 2015, since tax payers might have already
filed income tax return without incorporating compliance with the ICDS, the Finance
Ministry said here on Wednesday. The Total Investment & Insurance
Solutions
“It has been decided that the ICDS shall be applicable
from April 1, 2016. The notification to this effect will be issued shortly,” a
statement from the Finance Ministry said here on Wednesday. The Total Investment &
Insurance Solutions
“Some of the tax payers might have filed their return of
income and obtained Tax Audit Report without incorporating the compliance with
the ICDS and related disclosures in the absence of the revised Tax Audit
Report,” the statement said.
Subsequent to notification of the ICDS, a number of
representations were received which were examined by an Expert Committee. The
Committee has recommended amendments to the notified ICDS and also issuance of
clarification in respect of certain points raised by the stakeholders, it said. The Total Investment &
Insurance Solutions
“The revision of ICDS as recommended by the Committee, is
under consideration. The revision of the Tax Audit Report is also being made
for ensuring the compliance with the provisions of ICDS and for capturing the
disclosures mandated by the ICDS,” it added.
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