<h1>Draft ICDS Released for Public Feedback by Feb 8, 2015; Aligned with Section 145 of Income-tax Act.</h1> A new draft of twelve Income Computation and Disclosure Standards (ICDS) has been released on the Finance Ministry and Income-Tax Department websites for public and stakeholder feedback by February 8, 2015. These standards are pursuant to Section 145 of the Income-tax Act, 1961, which mandates income computation under specified accounting systems. The Central Board of Direct Taxes (CBDT) had formed a committee in 2010 to propose these standards, with the final report submitted in 2012. The revised draft, based on stakeholder suggestions, is now available for review and comments.