[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
INCOME-TAX
S.O. 3080(E).— In exercise of the powers conferred by section 44AB, read with
section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes
hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1.
(1) These rule may be called the Income-tax ( 23rd Amendment) Rules, 2016.
(2) They shall come into force with effect from 1st April, 2017.
2.
In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in
Part-B, in clause 13, for sub-clause (d), the following shall be substituted
,namely, —
“(d) Whether any adjustment is
required to be made to the profits
or loss for complying with the
provisions of income computation
and disclosure standards notified
under section 145(2)
(e) If answer to (d) above is in the
affirmative, give details of such
adjustments:
Increase Decrease Net
effect
in profit (Rs.) in profit(Rs.) (Rs.)
ICDS I
Accounting
Policies
ICDS II
Valuation of
Inventories
ICDS III Construction
Contracts
ICDS IV Revenue
Recognition
ICDS V
Tangible Fixed
Assets
ICDS VI Changes in
Foreign
Exchange Rates
ICDS
VII
Governments
Grants
ICDS
VIII
Securities
ICDS IX Borrowing
Costs
ICDS X
Provisions,
Contingent
Liabilities and
Contingent
Assets
Total
(f) Disclosure as per ICDS:
(i)
ICDS I-Accounting Policies
(ii)
ICDS II-Valuation of Inventories
(iii)
ICDS III-Construction Contracts
(iv)
ICDS IV-Revenue Recognition
(v)
ICDS V-Tangible Fixed Assets
(vi)
ICDS VII-Governments Grants
(vii) ICDS IX Borrowing Costs
(viii
)
ICDS X-Provisions, Contingent Liabilities
and Contingent Assets”.
[Notification No. 88 /2016, F.No.133/23/2015-TPL]
(PITAMBAR DAS)
DIRECTOR (TAX POLICY AND LEGISLATION)
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section
3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last
amended vide notification number S.O.2979(E), dated the 16/9/2016.
