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CBDT releases draft income calculation norms for real estate
New Delhi, May 11 (PTI) The revenue department today came out with a draft note for computation of income for the real estate sector, under which transactions with regard to sale and purchase of units will be recognised at arms length price.The proposed Income Computation and Disclosure Standards (ICDS) for Real Estate Transactions, which follows the guidance note of Institute of Chartered Accountants of India (ICAI), is aimed at providing "uniformity, certainty and harmonising the norms with...