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Income-tax ( 23rd Amendment) Rules, 2016
October, 01st 2016

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION No. 88/2016

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 theIncome-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:

Effect

Increase in profit (Rs.)

Decrease in profit (Rs.)

Net (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”.

[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.

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