ICDS – Income Computation & Disclosure Standards is a standard notified by CBDT for computation of taxation income. It is important for every company to compute taxable income accordance with ICDS. Till date 10 ICDS has been notified by the department which is applicable from assessment year 17-18. ICDS training is important for those who are handling Income tax activities and filling IT returns.
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Most frequent questions and answers
ICDS is applicable to the taxpayers who are recipients of income under the head “Profits and gains of business or profession” or “Income from other sources”, irrespective of the accounting standards followed by the company.