https://www.taxtmi.com/news?id=19576 Amendments clarify that Income Computation and Disclosure Standards govern computation of income for business and other sources, permitting marked to market and expected losses as deductions when computed under ICDS; treating foreign exchange gains and losses as income or loss computed per ICDS; applying percentage of completion for construction and service contract profits with retention money included and certain costs excluded; prescribing inventory valuation at lower of actual cost or net realisable value and inclusion of taxes and duties in valuation; and deeming certain compensation interest and price escalation claims as income in the year of receipt or when reasonably certain of realisation. en-us Mon, 05 Feb 2018 15:26:37 +0530 Mon, 05 Feb 2018 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=19576 Amendments clarify that Income Computation and Disclosure Standards govern computation of income for business and other sources, permitting marked to market and expected losses as deductions when computed under ICDS; treating foreign exchange gains and losses as income or loss computed per ICDS; applying percentage of completion for construction and service contract profits with retention money included and certain costs excluded; prescribing inventory valuation at lower of actual cost or net realisable value and inclusion of taxes and duties in valuation; and deeming certain compensation interest and price escalation claims as income in the year of receipt or when reasonably certain of realisation. News - Mon, 05 Feb 2018 15:26:37 +0530 https://www.taxtmi.com/news?id=19576