Sub-section (2) of section 145 provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income. Accordingly, the Central Government notified 10 ICDS vide Notification No.S.O.892(E) dated 31st March, 2015 . This was subsequently modified and a revised ICDS notification NO. SO 3079(E) [NO.87/2016 (F.NO.133/23/2015-TPL)], DATED 29-9-2016 was issued .
The notified Income Computation and Disclosure Standards notified by the CBDT is applicable from assessment year 2017-18 . That means the tax return filed by assessee will have to be in accordance with the new tax standards . The first video on ICDS is about general but important 15 points everyone should know .