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of <h1>ICDS Excludes Insurance Companies; Section 44 and First Schedule Govern Income Computation with IRDA and ICAI Standards.</h1> The Income Computation and Disclosure Standards (ICDS) apply generally to all entities unless specific provisions exist for particular sectors in the ICDS or the Income-tax Act. For insurance companies, Section 44 and the First Schedule of the Act take precedence, rendering ICDS inapplicable for their business income computation. The Insurance Regulatory and Development Authority (IRDA) mandates the use of Accounting Standards prescribed by the Institute of Chartered Accountants of India (ICAI) for insurance companies. ICDS VIII includes specific provisions for banks and certain financial institutions, while Schedule I of the Act addresses the insurance sector.
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