Since there is no specific scope exclusion for real estate developers and Build -Operate- Transfer (BOT) projects from ICDS IV on Revenue Recognition, whether ICDS-III and ICDS-IV should be applied by real estate developers and BOT operators.
27 August, 2017
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Revenue recognition under ICDS IV applies to real estate developers and BOT operators absent a specific exclusion. In the absence of any specific ICDS notified for real estate developers, BOT projects and leases, the relevant provisions of the Income tax Act and ... Summary
Revenue recognition under ICDS IV applies to real estate developers and BOT operators absent a specific exclusion.
In the absence of any specific ICDS notified for real estate developers, BOT projects and leases, the relevant provisions of the Income tax Act and applicable ICDS (including ICDS III and ICDS IV) apply to revenue recognition, income computation and disclosure for those transactions.
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