CBDT notifies Income Computation and Disclosure Standards

Notification No. 33/2015 [F. No. 134/48/2010-TPL] / SO 892(E): ​

Income Computation and Disclosure Standards under section 145(2) of the Income-tax Act, 1961

CBDT notifies the income computation and disclosure standards as specified in the Annexure to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or “ Income from other sources”. 
This notification shall come into force with effect from 1st day of April, 2015, and shall accordingly apply to the assessment year 2016-17 and subsequent assessment years.

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