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of <h1>ICDS X Guidelines for AY 2016-17 on Provisions, Contingent Liabilities, and Assets in Business Income Calculation Withdrawn</h1> The Income Computation and Disclosure Standard X (ICDS X) for AY 2016-17, which was later withdrawn, addressed provisions, contingent liabilities, and contingent assets for tax computation under 'Profits and gains of business or profession' or 'Income from other sources.' It excluded financial instruments, executory contracts, insurance-related contracts, and revenue recognition. Provisions were recognized when a present obligation from past events was reasonably certain to result in an economic outflow, and a reliable estimate could be made. Contingent liabilities and assets were not recognized unless certainty of economic benefits arose. Provisions and related assets were reviewed annually to reflect best estimates, with specific disclosure requirements outlined for each class.
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