ICAI clarification on Non Applicability of ICDS for Nov. 2016 Exams
The ICAI, vide Announcement dt. 10 Oct. 2016, has clarified that new ICDS would be relevant from May, 2017 examinations (i.e. not applicable for Nov. 2016 exams of Final and IIPCE) as under:
“Students appearing in November, 2016 examination may note that Income Computation and Disclosure Standards (ICDS) shall not be applicable.
ICDS need not be applied for computation of income or for answering application based or knowledge based questions [Final Paper 7: Direct Tax Laws & IIPCE Paper 4: Taxation], for November, 2016 examination.
This is in view of the postponement of the applicability of ICDS to the assessment year 2017-18 and subsequent assessment years by CBDT by Notification No.S.O. 3079(E) dated 29.9.2016.
However Students may note that the new ICDS would be relevant from May, 2017 examinations.”