Revised income computation and disclosure standards (ICDS):

The Ministry of Finance issued a revised ICDS, as a new framework for computation of taxable income in relation to income under the headings “Profit and gains of business or profession” and “Income from other sources.” Application of the new ICDS has been deferred by one year, and will be effective by 1 April 2016 (for AY 2017-18). Read Complete KPMG October 2016 report [PDF 293 KB]