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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 f .....

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I Construction Contracts 1. Scope - Determination of income for a construction contract of a contractor 2. Terms used - Construction Contracts , Fixed Price Contracts ,Cost plus contract , Retentions, Progress b .....

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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 constru .....

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xisting construction contract will be treated a separate construction contract if the assets differs significantly or covered by original contract or separate negotiation has been done. 7. Contract revenue will be recognized on reaso .....

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for securing a contract will also include in contract cost. 10. Contract revenue an Contract cost will be recognized based on stage of completion of the contract at the reporting date. This is called percentage of completion method. .....

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