RSM India

White Paper - Income Computation and Disclosure Standards (‘ICDS’)

The Central Government has notified 10 income computation and disclosure standards vide Notification No. 32/2015 dated 31 March 2015. The notified tax standards are likely to create a substantial impact in the approach and methodology of computing and offering the income to Income-tax.

In this white paper, we have endeavored to discuss the following aspects:

  •  What was the need and objective of introducing the ICDS?
  • Whether it will be applicable to all entities? If yes, from which year?
  • Will the notified ICDS result into material tax outlay for an entity?
  • What are the significant aspects of ICDS and what would be its implications?
  • What are the open issues surrounding the same?

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