Notification No. 88/2016 [F.No.133/23/2015-TPL] / SO 3080(E)

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[ TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th September, 2016 INCOME-TAX S.O. 3080(E) . — In exercise of the powers conferred by section 44AB, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rule may be called the Income-tax ( 23rd Amendment) Rules, 2016.

(2) They shall come into force with effect from 1st April, 2017.

2. In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in Part-B, in clause 13, for sub-clause (d), the following shall be substituted ,namely, — “

(d) Whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure standards notified under section 145(2) ( e) If answer to

(d) above is in the affirmative, give details of such adjustments: Increase Decrease Net effect i n profit (Rs.) in profit(Rs.) (Rs.) ICDS I Accounting

Policies ICDS II Valuation of Inventories ICDS III Construction Contracts ICDS IV Revenue Recognition ICDS V Tangible Fixed Assets ICDS VI Changes in Foreign Exchange Rates ICDS VII Governments Grants ICDS VIII Securities ICDS IX Borrowing Costs ICDS X Provisions, Contingent Liabilities and Contingent Assets Total

(f) Disclosure as per ICDS:

(i) ICDS I - Accounting Policies

(ii) ICDS II - Valuation of Inventories

(iii) ICDS III - Construction Contracts

(iv) ICDS IV - Revenue Recognition

(v) ICDS V - Tangible Fixed Assets

(vi) ICDS VII - Governments Grants

(vii) ICDS IX Borrowing Costs (viii ) ICDS X - Provisions, Contingent Liabilities and Contingent Assets” . [Notification No. 88 /2016, F.No.133/23/2015-TPL]

(PITAMBAR DAS) DIRECTOR (TAX POLICY AND LEGISLATION) Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section

(ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended vide notification number S.O.2979(E), dated the 16/9/2016.