Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

IV - Revenue recognition (w.e.f. AY 2017-18)

ICDS - 04 - Income computation and disclosure standards - w.e.f. AY 2017-18 - Other Direct Tax Provisions - ICDS - 04 - D. Income Computation and Disclosure Standard IV relating to revenue recognition (Vide notification no. 87/2016 dated 29-9-2016 w.e.f. Assessment Year 2017-18) Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e use by others of the person's resources yielding interest, royalties or dividends. (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 Standard with the meanings specified: (a) "Revenue" is the gross inflow of cash, receivables or other consideration arising in the cou .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 degree usually associated with ownership. In a situation, where transfer of property in goods does not coincide with the transfer of significant .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e extent of uncertainty involved. Rendering of Services 6. Subject to Para 7, revenue from service transactions shall be recognised by the percentage completion method. Under this method, revenue from service transactions is matched with the service transaction costs incurred in reaching the stage of completion, resulting in the determination of revenue, expenses and profit which can be attributed to the proportion of work completed. Income Computation and Disclosure Standard on construction con .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ing of services under that contract is completed or substantially completed. The Use of Resources by Others Yielding Interest, Royalties or Dividends 8. (1) Subject to sub paragraph (2), interest shall accrue on the time basis determined by the amount outstanding and the rate applicable. (2) Interest on refund of any tax, duty or cess shall be deemed to be the income of the previous year in which such interest is received. (3) Discount or premium on debt securities held is treated as though it w .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version