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?