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of <h1>India Introduces New Income Computation and Disclosure Standards for 2017-18; Excludes Non-Audited Individuals and HUFs.</h1> The Government of India, through the Ministry of Finance's Central Board of Direct Taxes, has issued Notification 87/2016, dated September 29, 2016, introducing new Income Computation and Disclosure Standards (ICDS) effective from the assessment year 2017-18. These standards are mandatory for all assessees, excluding individuals or Hindu undivided families not required to audit their accounts under section 44AB of the Income-tax Act, 1961. The standards cover various aspects such as accounting policies, inventory valuation, construction contracts, revenue recognition, tangible fixed assets, foreign exchange effects, government grants, securities, borrowing costs, and provisions for contingent liabilities and assets.
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