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of <h1>ICDS Applies to Business Income of Trusts with Separate Books, While Exemptions u/ss 11-13 Remain Intact.</h1> ICDS does not apply to computing exemptions under sections 11 to 13, as these are based on the commercial concept of income. If the income loses exemption, it is computed under various income heads, and ICDS applies if accounts are maintained on a mercantile basis. According to section 11(4A), if a trust or institution conducts business incidental to its objectives with separate books, exemptions under sections 11 to 13 apply. In such cases, business income must be computed commercially, and ICDS provisions apply, requiring the trust to compute business income per ICDS while still eligible for exemptions.
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