Corporate Updates – 07-04-2015


CLB New Delhi Bench will be organising the “LOK ADALAT” on Saturday, 11th April, 2015. In partial modification of the Company Law Board”s Order No.10/43/2005-CLB dated 29.01.2015, the Constitution of the New Delhi Bench "during Lok Adalat" on 11th April, 2015 from 10:00 AM shall be as Shri B.S.V. Prakash Kumar, Member (Judicial) and Shri H.L. Tiku, Senior advocate. This Order shall be in force only for 11th April, 2015 from 10.00 AM.


CBDT notifies the Income Computation and Disclosure Standards (ICDS) to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or “ Income from other sources”. This notification shall come into force with effect from 1st day of April, 2015, and shall accordingly apply to the assessment year 2016-17 and subsequent assessment years. In the case of conflict between the provisions of the Income Tax Act, 1961 and ICDS, the provisions of the Act shall prevail to that extent.

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