There are a lot of factors that can determine the "proper" counterbore callout. Your design intent, customer specs, the industry that you are working in, etc...
For our business, I have changed the callout for our counterbores to simply read "DRILL THRU AND C'BORE FOR 1/4" SHCS" as an example. The same changes have been made to c'sinks. I have also created standard hole favorites with features that will create a callout for dowels such as "DRILL THRU AND REAM FOR 1/4" PRESS FIT DOWEL". These are simple callouts but this seems to work better for us than calling out all the sizes of the features.
To answer your question of the "proper" callout, that needs to be defined by your certain situation and the specifications that define that project.
If you want the standard call out look in the ASME Y14.5-2009 section 1.8.11spec.