A compendium of impact assessment (IA) frameworks are available to understand the impact of ICT4D initiatives in Low Income Countries. However, existing frameworks do not adequately address the unique challenges of IA for ICT4D, especially the multi-level and time variant characteristics of the IA. To address these challenges, we propose the use of Theory of change (ToC) as a generic framework for IA of ICT4D projects. Based on the seminal work by Weiss [8], we argue that ToC can be viewed both as a methodology and a deep critical reflection process. We demonstrate the ToC approach for IA using a case study of an ICT4D project for LICs.