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of <h1>ICDS III Withdrawal: Impact on Income Determination for Construction Contracts Using Percentage of Completion Method</h1> The Income Computation and Disclosure Standard (ICDS) III for AY 2016-17, now withdrawn, governed income determination for construction contracts. It applied to income under 'Profits and gains of business or profession' or 'Income from other sources' but not for bookkeeping. The standard defined key terms like construction contracts, fixed price contracts, and cost plus contracts. It outlined how to recognize contract revenue and costs, using the percentage of completion method. It specified conditions for combining or segmenting contracts and required disclosure of contract revenue, costs, profits, advances, and retentions for contracts in progress at the reporting date.
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