ICDS exemption for Individuals and HUFs not liable to tax audit; CBDT notifies revised ICDS

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, 

EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] 

GOVERNMENT OF INDIA 

MINISTRY OF FINANCE 

(DEPARTMENT OF REVENUE) 

(CENTRAL BOARD OF DIRECT TAXES) 

NOTIFICATION 

New Delhi, the 29th September, 2016 

S.O. 3079 (E) In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961 (43 of 1961, the Central Government hereby notifies the income computation and disclosure standards as specified in the Annexure to this notification to be followed by all assessees (other than an individual or a Hindu undivided family who is not required to get his accounts of the previous year audited in accordance with the provisions of section 44AB of the said Act) following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profits and gains of business or profession” or “Income from other sources”. 

2. This notification shall apply to the assessment year 2017-18 and subsequent assessment years.