The Finance Ministry has invited comments from public on ICDS, the new accounting standards for computation of business income, by December 15.
The Income Computation and Disclosure Standards (ICDS) was notified by the government on April 1, 2015. It aims to ensure consistency and help minimise tax-related disputes.
In a statement, the Finance Ministry said that after the notification, it was brought to the notice of the CBDT that certain provisions of ICDS may need further clarification for proper implementation.
"In order to issue a comprehensive guidance on this matter, the stakeholders and general public are requested to bring out issues/points which...Would require further clarification/guidance for proper implementation of the provisions of the ICDS. These issues/points may be submitted by December 15, 2015", it said.
The implementation issues in ICDS which were raised by the stakeholders have been referred to an expert committee comprising departmental officers and professionals and are being looked into, the Ministry said.
ICDS is applicable for computation of income chargeable under the head 'Profits and gains of business or profession' or 'Income from other sources' and not for the purpose of maintenance of books of accounts.
The ICDS notification came as a follow-up to the announcement made by Finance Minister Arun Jaitley in the July 2014 budget.
