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        Case ID :
        Income Tax

        whether the recognition of retention money, receipt of which is contingent on the satisfaction of certain performance criterion is to be recognised as revenue on billing.

        22 August, 2017

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        Manual - ICDS III : Construction Contracts

        Retention money, being part of overall contract revenue, shall be recognised as revenue subject to reasonabe certainty of its ultimate collection condition contained in para 9 of ICDS III on construction contracts.

         

        Retention money recognition: recognise as revenue only when reasonable certainty of ultimate collection exists under ICDS construction rules. Retention money within a construction contract is part of contract revenue and should be recognised as revenue on billing only when there is reasonable certainty of its ultimate collection, based on the contract's performance criteria and para 9 of ICDS on construction contracts.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Retention money recognition: recognise as revenue only when reasonable certainty of ultimate collection exists under ICDS construction rules.

                              Retention money within a construction contract is part of contract revenue and should be recognised as revenue on billing only when there is reasonable certainty of its ultimate collection, based on the contract's performance criteria and para 9 of ICDS on construction contracts.


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