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Summary of ICDS -IV- Revenue Recognition issued by CBDT

Dated:- 4-4-2015 - 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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IV Revenue Recognition 1. Scope - Income from Ordinaries activities - From sale of goods & services , From Interest, royalities & dividend. Not covered those incomes which are covered by other ICDS. 2. .....

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he buyer for a price or all significant risk & rewards of ownership have been transferred. Also there should be reasonably certainty of the ultimate collection. 4. In the case of escalation of price and export incentives, income .....

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s shall mutatis mutandis apply to the the recognition of income from services. 6. Interest is calculated on time basis i.e. amount outstanding* time * rate. 7. Discount or premium on debt securities assuming accruing .....

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