Corporate News May 2017 - Acquisory Bulletin

Chandni Ansari29 May, 2025Business

The RERA has become law w.e.f. 1 st May., 2017. In order to make RERA implementation easier, the government has come up with the draft Income Computation and Disclosure Standards (ICDS) for Real Estate Transactions. The government has sought stakeholders’ opinion to suggest the areas of improvement in the ICDS for the real estate sector. The draft is based on the standards issued by ICAI for the purpose of providing uniformity, certainty and harmonizing the same with the provisions of the Act. ICDS are a set of accounting policies and standard used for computing taxable income and not for maintaining books of accounts. The Central Board of Direct Taxes, on behalf of the government, will receive comments from stakeholders on the draft ICDS on real estate transactions till May 26, 2017.