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of <h1>India Rescinds Income Computation and Disclosure Standards as per Section 145 of Income-tax Act 1961.</h1> The Central Government of India, through the Ministry of Finance's Department of Revenue, has rescinded the Income Computation and Disclosure Standards (ICDS) that were notified in March 2015. This action is executed under the authority granted by sub-section (2) of section 145 of the Income-tax Act, 1961. The notification, numbered 86/2016 and dated September 29, 2016, specifies that this rescission does not affect actions completed or omitted before the rescission.
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