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of <h1>CBDT Clarifies ICDS Applicability to All Entities, Including Banks and Insurance Companies, with Specific Provisions Noted.</h1> The Central Board of Direct Taxes (CBDT) clarified through Circular No. 10/2017 that the general provisions of the Income Computation and Disclosure Standards (ICDS) apply to all entities, including banks, non-banking financial companies (NBFCs), and insurance companies, unless there are specific provisions for these sectors within the ICDS or the Income Tax Act. For instance, ICDS-VIII addresses securities-related provisions for banks and certain financial institutions, while Schedule I of the Act has specific guidelines for the insurance sector.
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