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Summary of ICDS -III- Consturction Contracts

Dated:- 3-4-2015 - Income Computation & Disclosure Standards (ICDS) Issued by CBDT under power under section 145(2) of Income Tax Act, 1961 vide notification no. 32/2015, dated 31-3-2015 Purpose: Computation of Income under PGBP head and Income from Other sources head Applicability: All assessee following mercantile accouting system W.e.f. 01/04/2015 i.e. Assessment year 2016-17 ICDS - III - Construction Contracts S. No. ICDS Particulars II .....

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a number of assets, each separate asset will be treated as a separate contract if separate proposal and negotiation is there and also Cost and revenue is separately identified. 5. A group of contracts will be treated a single construction contract if they negotiated as a single package, they are interrelated and contracts are performed concurrently. Group of contracts may be with a single customer or multiple customers. 6. Any additional assets or amendment in e .....

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