<h1>CBDT Issues ICDS-X for Income Computation: Guidelines on Provisions, Contingent Liabilities, and Assets Effective April 2015.</h1> The Central Board of Direct Taxes (CBDT) issued ICDS-X, effective from April 1, 2015, for computing income under the PGBP and other sources for assessees using the mercantile accounting system. This standard addresses provisions, contingent liabilities, and contingent assets, excluding those from financial instruments, insurance contracts, and other ICDS-covered areas. Provisions require a present obligation from past events, a reasonable certainty of outflow, and a reliable estimate. Contingent liabilities and assets are not recognized unless the inflow of economic benefits is reasonably certain. Provisions are measured by the best estimate without discounting. Annual reviews adjust estimates, and specific disclosures are required for provisions and assets.