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of <h1>ICDS IX Withdrawal: Impact on Borrowing Costs Capitalization for 2016-17 Assessments Explained</h1> The Income Computation and Disclosure Standard IX (ICDS IX) for the assessment year 2016-17, now withdrawn, outlined the treatment of borrowing costs for income computation under 'Profits and gains of business or profession' or 'Income from other sources.' Borrowing costs included interest and related expenses incurred from borrowing funds. Such costs were to be capitalized if directly attributable to acquiring, constructing, or producing qualifying assets, which include tangible and certain intangible assets, and inventories requiring over twelve months to prepare for sale. The standard specified methods for calculating capitalizable borrowing costs and mandated disclosure of the accounting policy and capitalized amounts.
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