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of <h1>ICDS Rules Impact Taxable Income Calculation Since 2017; Excludes Certain Individuals and HUFs Using Mercantile Accounting</h1> Income Computation and Disclosure Standards (ICDS) have been effective from April 1, 2017, applying to all assessees, except certain individuals and HUFs, using the mercantile system of accounting. These standards are used for computing taxable income under 'Profits and gains of business or profession' or 'Income from other sources.' ICDS requires adjustments to financial statements to align with its provisions, impacting the computation of taxable profits. ICDS applies to all taxpayers, except those under presumptive tax schemes, and is not applicable for book profit maintenance. In case of conflicts, the Income-tax Act prevails over ICDS provisions.
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