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Manual - Introduction - Income computation and disclosure standards (ICDS)
Net effect on the income due to application of ICDS is to be disclosed in the Return of income. The disclosures required under ICDS shall be made in the tax audit report in Form 3CD. However, there shall not be any separate disclosure requirements for persons who are not liable to tax audit. Thus the returns of income have now been amended, by insertion of a new schedule ICDS in Return Forms 3, 5 and 6.
ICDS disclosure requirements must be reported in tax audit reports and reflected in amended income tax return schedules. ICDS require disclosure of accounting policies and ICDS adjustments; the net effect must be disclosed in the Return of Income. Disclosures required under ICDS shall be made in the tax audit report in Form 3CD for taxpayers subject to tax audit, and no separate disclosure regime exists for those not liable to tax audit; return forms were amended to include a schedule ICDS.
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