Income Computation and Disclosure Standards under section 145(2) of the Income-tax Act, 1961 notified - 32/2015 - Income Tax

Recinded vide Not. 86/2016 - Dated 29-9-2016 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 32/2015 New Delhi, the 31st March, 2015 S.O. 892 (E) - In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Part II, Section 3, Sub-section (ii), vide number S.O 69(E) dated the 25th January, 1996 , except as respects things done or omitted to be done before such supersession, the Central Government hereby notifies the income computation and disclosure standards as specified in the Annexure to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head Profit and gains of business or profession or Income from other sources . This notification shall come into force with effect from 1st day of April, 2015, and shall accordingly apply to the assessment year 2016-17 and subsequent assessment years. Annexure ICDS - 01 : Accounting Policies ICDS - 02 : Valuation of Inventories ICDS - 03 : Construction Contracts ICDS - 05 : Revenue Recognition ICDS - 05 : Tangible fixed assets ICDS - 06 : Effects of Changes in Foreign Exchange Rates ICDS - 07 : Government Grants ICDS - 08 : Securities ICDS - 09 : Borrowing Costs ICDS - 10 : Provisions, Contingent Liabilities and Contingent Assets [F. No. 134/48/2010-TPL] (RAJESH KUMAR BHOOT) DIRECTOR (TAX POLICY AND LEGISLATION)