In this changing era here is one more change; a new standard introduce for income tax – Income Computation & Disclosure Standards “ICDS”. Purpose of introducing ICDS is to reconcile difference which will be created between taxpayer practicing IND AS and AS for accounting purpose. This presentation covers ICDS ( ii, v, vi, ix, & x ) with practical challenge which we experience in implementing. This should have better understanding of standards. It is effective for returns of FY 2016-17 under tax audits.
