New income tax standards are we required to prepare them

Sonal , ICDS's contains some significant differences from AS , and to recover from consequent difficulties  some amandments have also been made , which raises a great deal of possibility that institute might ask  questions based on ICDS or on amandments made in consequent to ICDS .

therefore you should prepare them , however if you don't wanna to go through the whole content alteast go through the Significant deviations b/w AS and ICDS  on  pages 82 to 90 . 

Best of luck.

finally a reply . 

thanks for responding Ankit and 

BEST OF LUCK to you too.