Income Computation and Disclosure Standards (ICDS) were framed by the Government of India with the objective of inculcating uniformity in accounting policies and governing computation of income in accordance with the pertinent tax provisions. ICDS has been framed using Generally Accepted Accounting Principles (GAAPs ) with the assistance of the Institute of Chartered Accountants of India (ICAI). It has been in existence from the financial year of 2015-16. In this article, we look at the various provisions of ICDS in detail.
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