Income-tax Act, 1961
Section - 43CB - Computation of income from construction and service contracts
Computation of income from construction and service contracts.43CB. (1) The profits and gains arising from a construction contract or a contract for providing services shall be determined on the basis of percentage of completion method in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145:Provided that profits and gains arising from a contract for providing services,-
(2) For the purposes of percentage of completion method, project completion method or straight line method referred to in sub-section (1)-
| (i) | - | with duration of not more than ninety days shall be determined on the basis of project completion method; |
| (ii) | - | involving indeterminate number of acts over a specific period of time shall be determined on the basis of straight line method. |
| (i) | - | the contract revenue shall include retention money; |
Google Play store
ARTICLESHIP
30 June 2026
Article Assistant or Paid AssistantVIKAS VERMA & CO New Delhi Others View Details
ARTICLESHIP
24 June 2026
ARTICLE ASSISTANTBHUPINDER SHAH AND COMPANY New Delhi CA Inter View Details |
CAclubindia
