According to the Press release from CDBT,
It has been decided that the ICDS shall be applicable from 1.4.2016 i.e. previous year 2016-17 (Assessment Year 2017- 18). The notification to this effect will be issued shortly
Contents in press release is
- Subsequent to notification of the ICDS, a number of representations were received which were examined by an Expert Committee
- The Committee has recommended amendments to the notified ICDS and also issuance of clarification in respect of certain points raised by the stakeholders.
- The revision of ICDS/issue of clarifications as recommended by the Committee, is under consideration. The revision of the Tax Audit Report is also being made for ensuring the compliance with the provisions of ICDS and for capturing the disclosures mandated by the ICDS.
- Some of the tax payers might have filed their return of income and obtained Tax Audit Report without incorporating the compliance with the ICDS.
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