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of <h1>ICDS Framework Remains Key for Tax Computation Despite Ind-AS Adoption by Companies Since 2015.</h1> ICDS applies to the computation of taxable income under the heads of Profit and Gains of Business or Profession (PGBP) or Income from other sources, regardless of whether a company has adopted the traditional Accounting Standards or the newer Indian Accounting Standards (Ind-AS). This framework, based on standards notified by the Ministry of Corporate Affairs in 2006, remains applicable for tax purposes despite the introduction of Ind-AS in 2015. The adoption of Ind-AS by companies does not alter the applicability of ICDS for tax computation.
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