CBDT releases draft ICDS on real-estate transactions, proposes deviations from ICAI guidance-note

May 11,2017
CBDT releases draft Income Computation and Disclosure Standard (ICDS) on "Real Estate Transactions" for public consultation; The draft ICDS is based on the Guidance Note issued on Real Estate Transactions issued by ICAI with certain modifications as suggested by Government's ICDS Committee; Changes in draft ICDS vis-a-vis Guidance Note proposed in five areas viz. definition of project & project cost, revenue recognition, application of percent...

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