Extension of due date for filing tax returns by individuals
Global Tax Update:June/India
The Government has extended the due date of filing of tax return for the financial year 2014-15 for individuals from 31st July, 2015 to 31st August, 2015. (Global Tax Update:June 2015/India)
Income Computation and Disclosure Standards introduced
The Central Government vide a notification dated 31 March 2015 has notified Income Computation and Disclosure Standards (ICDS). These ICSD have become effective from 1st April 2015 and will accordingly apply to the financial year 2015-16 and subsequent years. Presently, a set of ten ICDS have been issued.
ICDS have been issued for bringing in greater clarity in application of the income-tax law by giving specific instructions for computation of taxable income. These standards are relevant only for the computation of taxable income, and will not be relevant for maintenance of the books of accounts.
ICDS applies to all taxpayers following accrual system of accounting for the purpose of computation of income from business and from other sources.
Besides computation of taxable income for the financial year 2015-16, implications under ICDS is required to be considered for the payment of first instalment of advance tax which is due on 15th June 2015.