May 07, 2026

Submitted By: Shristi Rajput

Circular No 10/2017 Clarification regarding income computation and disclosure standards notify under section 145(2) OF INCOME TAX ACT

Circular No. 10/2017 clarifies the applicability of Income Computation and Disclosure Standards (ICDS) notified under Section 145(2) of the Income-tax Act. It explains how ICDS should be followed for computing taxable income under the heads “Profits and Gains of Business or Profession” and “Income from Other Sources,” and provides guidance through FAQs on issues like revenue recognition, valuation, and disclosures.