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Revenue Recognition - only for AY 2016-17

ICDS - 05 (old) - Old - ICDS for AY 2016-17 (Since withdrawn) - Other Direct Tax Provisions - ICDS - 05 (old) - ICDS IV - Revenue Recognition [See: Notification No. 32/2015 Dated:- 31-3-2015] [ Came into force with effect from 1st day of April, 2015, - Only for AY 2016-17] Since Withdrawn vide notification no. 86/2016 dated 29-9-2016 D. INCOME COMPUTATION AND DISCLOSURE STANDARD IV RELATING TO REVENUE RECOGNITION Preamble This Income Computation and Disclosure Standard is applicable for computat .....

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revenue arising in the course of the ordinary activities of a person from (i) the sale of goods; (ii) the rendering of services; (iii) the use by others of the person's resources yielding interest, royalties or dividends. 1(2) This Income Computation and Disclosure Standard does not deal with the aspects of revenue recognition which are dealt with by other Income Computation and Disclosure Standards. Definitions 2(1) The following term is used in this Income Computation and Disclosure Stand .....

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used and not defined in this Income Computation and Disclosure Standard but defined in the Act shall have the meanings assigned to them in that Act. Sale of Goods 3. In a transaction involving the sale of goods, the revenue shall be recognised when the seller of goods has transferred to the buyer the property in the goods for a price or all significant risks and rewards of ownership have been transferred to the buyer and the seller retains no effective control of the goods transferred to a degr .....

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me of raising any claim for escalation of price and export incentives, revenue recognition in respect of such claim shall be postponed to the extent of uncertainty involved. Rendering of Services 6. Revenue from service transactions shall be recognised by the percentage completion method. Under this method, revenue from service transactions is matched with the service transactions costs incurred in reaching the stage of completion, resulting in the determination of revenue, expenses and profit w .....

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plicable. Discount or premium on debt securities held is treated as though it were accruing over the period to maturity. 8. Royalties shall accrue in accordance with the terms of the relevant agreement and shall be recognised on that basis unless, having regard to the substance of the transaction, it is more appropriate to recognise revenue on some other systematic and rational basis. 9. Dividends are recognised in accordance with the provisions of the Act. Transitional Provisions 10. The transi .....

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