https://www.taxtmi.com/news?id=18001 Draft ICDS governs tax computation for real estate transactions, defining project, project costs and project revenues, and requires revenue and costs to be recognised by the percentage of completion method where projects resemble construction contracts. It sets objective thresholds for applying POCM, prescribes fair value treatment for transferable development rights acquired by surrender, mandates allocation of multi-element contract consideration by fair value, and requires specified disclosures for projects in progress. en-us Thu, 11 May 2017 18:33:13 +0530 Thu, 11 May 2017 18:33:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=18001 Draft ICDS governs tax computation for real estate transactions, defining project, project costs and project revenues, and requires revenue and costs to be recognised by the percentage of completion method where projects resemble construction contracts. It sets objective thresholds for applying POCM, prescribes fair value treatment for transferable development rights acquired by surrender, mandates allocation of multi-element contract consideration by fair value, and requires specified disclosures for projects in progress. News - Thu, 11 May 2017 18:33:13 +0530 https://www.taxtmi.com/news?id=18001