Notification on Income computation and Disclosure standards :
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 29th September, 2016
INCOME-TAX
S.O. 3080(E).— In exercise of the powers conferred by section 44AB, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rule may be called the Income-tax ( 23rd Amendment) Rules, 2016.
(2) They shall come into force with effect from 1st April, 2017.
2. In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in Part-B, in clause 13, for sub-clause (d), the following shall be substituted ,namely, —
“(d) Whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure standards notified under section 145(2)
e) If answer to (d) above is in the affirmative, give details of such adjustments:
| effect |
Increase in profit (Rs.) |
Decrease
in profit(Rs.) |
Net (Rs.) |
|
(f) Disclosure as per ICDS:
| (i) | ICDS I-Accounting Policies |
| (ii) | ICDS II-Valuation of Inventories |
| (iii) | ICDS III-Construction Contracts |
| (iv) | ICDS IV-Revenue Recognition |
| (v) | ICDS V-Tangible Fixed Assets |
| (vi) | ICDS VII-Governments Grants |
| (vii) | ICDS IX Borrowing Costs |
| (viii) | ICDS X-Provisions, Contingent Liabilities and Contingent Assets” |
(PITAMBAR DAS)
DIRECTOR (TAX POLICY AND LEGISLATION)
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended vide notification number S.O.2979(E), dated the 16/9/2016.