SC Halts NCDRC Order Granting Compensation to Rajasthan Royals for Sreesanth, Citing No Match Played  ||  SC Warns TN Police Media Statements May Affect Impartiality of Karur Stampede Probe  ||  SC: Challenge to State Consent for CBI Probe Must be Raised Soon After FIR  ||  SC: Magistrates Can Order Voice Samples From Witnesses, Not Just Accused, No Article 20(3) Breach  ||  Orissa HC: Informant Can be Made Accused if Involved, No Separate FIR Needed  ||  Gujarat HC Directs CBDT to Extend ITR Filing Deadline to Nov 30 for Audit Assesses  ||  Bombay HC Awards ?6 Lakh for Pothole Deaths, Urges Accountability for Civic Bodies  ||  Delhi HC: Call Records & Locations Admissible under NDPS Act If Privacy is Protected  ||  Delhi HC: Trial Court Barred from Reopening Limitation Once HC Condoned Delay  ||  Delhi High Court: Tenant Cannot Dispute Landlord's Title During Tenancy    

Central Board of Direct Taxes (CBDT) invites comments from stakeholders on Draft Income Computation and Disclosure Standards on Real Estate Transactions by 26th May, 2017- (Press Information Bureau) (11 May 2017)

MANU/PIBU/0516/2017

Direct Taxation

The Committee constituted by the Finance Minister to suggest the areas in respect of which further Income Computation and Disclosure Standards (ICDS) may be notified under the Income Tax Act, 1961 ('the Act') has suggested the notification of ICDS in respect of Real Estate Transactions and submitted the draft of the same. The draft ICDS submitted by the committee is based on the Guidance Note issued on Real Estate Transactions issued by Institute of Chartered Accountants of India (ICAI). For the purposes of providing uniformity and certainty and harmonising the same with provisions of the Act, the committee suggested certain changes in draft ICDS.

The draft ICDS on Real Estate Transactions along with the significant changes suggested in ICDS vis-a-vis the Guidance Note issued by ICAI are uploaded on the Income-tax website at http://www.incometaxindia.gov.in. The Central Board of Direct Taxes (CBDT) invites comments from stakeholders on the draft ICDS on Real Estate Transactions, which may be submitted to Director TPL-III by e-mail at dirtpl3@nic.in by 26th May, 2017.

Section 145(2) of the Income-tax Act, 1961 ('the Act') provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income. Accordingly, Central Government notified 10 ICDS vide Notification No. S.O. 3079 (E) dated 29th September, 2016. These ICDS inter-alia contain provisions relating to valuation of inventory; construction contracts; effects in changes of foreign exchange rates, borrowing costs etc. These ICDS are applicable from assessment year 2017-2018 (previous year 2016-2017) in respect of specified assessees for computation of income under the head "Profits and gains of business or profession" or "Income from other sources".

The Finance Minister had constituted a Committee comprising of experts from accounting field, departmental officers and representatives from the Institute of Chartered Accountants of India (ICAI) to suggest the areas in respect of which further ICDS may be notified under the Act.

Tags : COMMENTS   INVITATION   INCOME COMPUTATION  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved