CP-WL-F-119
Finally, ICAI has come out with a clarification for removal of doubts among students.
Many students were having doubt on the same issue, whether ICDS applicable for nov 16 exams or not. Some faculty members were directly saying earlier too that ICDS are not applicable for nov 16 exams, while some were taking classes on the same
But recent announcement from ICAI has cleared out everything, Here is the exact announcement by ICAI on its site, you can also see official announcement here on this link: http://icai.org/new_post.html?post_id=12956&c_id=347
"Students appearing in November, 2016 examination may note that Income Computation and Disclosure Standards (ICDS) shall not be applicable. ICDS need not be applied for computation of income or for answering application based or knowledge based questions [Final Paper 7: Direct Tax Laws & IIPCE Paper 4: Taxation], forNovember, 2016 examination. This is in view of the postponement of the applicability of ICDS to the assessment year 2017-18 and subsequent assessment years by CBDT by Notification No.S.O.3079(E) dated 29.9.2016. However Students may note that the new ICDS would be relevant from May, 2017 examinations.”
"Students appearing in November, 2016 examination may note that Income Computation and Disclosure Standards (ICDS) shall not be applicable. ICDS need not be applied for computation of income or for answering application based or knowledge based questions [Final Paper 7: Direct Tax Laws & IIPCE Paper 4: Taxation], forNovember, 2016 examination. This is in view of the postponement of the applicability of ICDS to the assessment year 2017-18 and subsequent assessment years by CBDT by Notification No.S.O.3079(E) dated 29.9.2016. However Students may note that the new ICDS would be relevant from May, 2017 examinations.”
All the best for your preparations..!
For all amendment notes and videos, please visit : http://ca-passion.blogspot.in/p/ca-final_18.html
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