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Accounting standards for real estate sector to change: Revenue Department

Comments(4) Sub Category:Delhi-NCR,Realty News Posted On: Sep 07, 2012

The Revenue Department has declared that it is going to introduce changes in the accounting standards for the real estate sector to bring about uniformity in reporting of financial results.

The Central Board of Direct Taxes (CBDT) has stated that the report of the CBDT appointed committee on accounting standard for the real estate sector was being examined by the Tax Planning and Legislation (TPL) and a decision will be taken in this regard.

The aim is to modify recording of income and expenses of the real estate firms and to bring about uniformity in reporting of accounts by the real estate companies. Earlier, CBDT report on black money had pitched for modification of accounting standards to check generation of black money by real estate developers.

To read more real estate news:

IT leasing drags Mumbai, NCR realty market down

4 Responses to “Accounting standards for real estate sector to change: Revenue Department”

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