We Convinced Govt. to Defer Applicability of ICDS by One Year The Central Board of Direct Taxes (CBDT) has vide press release dated 6th July 2016 clarified that the Income Computation & Disclosure Standards (ICDS) shall be applicable from 1.4.2016 i.e. previous year 2016-17 (Assessment Year 2017-18). It is pertinent to inform that the ICAI had made detailed representation to CBDT and Hon'ble Finance Minister for deferment of implementation of ICDS and followed it up with several meetings with senior CBDT officials to highlight the difficulties that would be faced by stakeholders on implementation of ICDS. The representations made by ICAI were considered positively by the Expert Committee on ICDS and ICAI was asked to prepare detailed FAQs and amendments to ICDS which were duly submitted. The CBDT officials agreed with most of ICAI's recommendations and also agreed to bring out clarifications by way of issuing FAQ's and amendments in ICDS.