<p>This paper revisits approaches and methods of Transit Performance Evaluation (TPE) in the context of developing countries, where existing TPE measures are found to have certain deficiencies. TPE approaches and measures are discussed related to efficiency and effectiveness, service quality, Level of Service (LOS), community perspectives and a combination of them. Efficiency and effectiveness measures are related to administration and logistics or system functions and operations. Service quality considers passenger perception towards offered services. The LOS approach allows a comparison based on indicator thresholds subject to transit systems having equitable environments. It is observed that community perspectives are given lower importance. This review helps to identify areas which need to be improved in the existing frameworks. The proposed framework is an index-based framework and is comprehensive, inclusive, has universal applicability and considers the complete ensemble of transit systems. It includes stakeholders’ perspectives to develop three indices covering operational, service quality, and community and society domains. While developing the framework, data availability, variability and heterogeneity are taken into consideration.</p>