We are pleased to share with you the newsflash on the captioned subject.
In March 2015, Central Government had notified 10 Income Computation and Disclosure Standards (ICDS) which were to be applicable from 1 April 2015, i.e. financial year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS, a number of representations were received which were examined by an Expert Committee. The Expert Committee has recommended amendments to the notified ICDS (which are still under consideration), and includes revision of the Tax Audit Report.
In view of this, ICDS have been deferred by one year and it shall be applicable from 1 April 2016 i.e. financial year 2016-17 (Assessment Year 2017-18). The notification to this effect is awaited.