https://www.taxtmi.com/news?id=18000 The Central Board of Direct Taxes has released a draft Income Computation and Disclosure Standard on Real Estate Transactions, based on the ICAI Guidance Note with suggested changes to harmonise with the Income-tax Act, and has invited stakeholder comments by the prescribed deadline. The draft cites the statutory authority of section 145(2) and follows earlier ICDS notifications covering valuation of inventory, construction contracts, foreign exchange effects and borrowing costs, which apply to computation of income under business or profession and other sources for specified assessees. en-us Thu, 11 May 2017 18:23:05 +0530 Thu, 11 May 2017 18:23:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=18000 The Central Board of Direct Taxes has released a draft Income Computation and Disclosure Standard on Real Estate Transactions, based on the ICAI Guidance Note with suggested changes to harmonise with the Income-tax Act, and has invited stakeholder comments by the prescribed deadline. The draft cites the statutory authority of section 145(2) and follows earlier ICDS notifications covering valuation of inventory, construction contracts, foreign exchange effects and borrowing costs, which apply to computation of income under business or profession and other sources for specified assessees. News - Thu, 11 May 2017 18:23:05 +0530 https://www.taxtmi.com/news?id=18000