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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 from Other sources head Applicability: All assessee following mercantile accouting system W.e.f. 01/04/2015 i.e. Assessment year 2016-17 ICDS - IV - Revenue Recognition S. No. Scope of ICDS Particulars .....

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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 should be recognised only when there are reasonably certainty of the ultimate collection. 5. In the case of Services, revenue shall be recognised by the percentage completion method. The requirement of ICDS III- construction contract .....

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