AS-7 “Construction Contracts”, whether applicable or not, to projects undertaken by the enterprises on its own account as a commercial venture in the nature of production activities?

E.g. House construction by Local Authority or company and after completion sales by draw.
E.g. Flats construction by a Co-operative society for its members.

AS-7 “Construction Contracts”, whether applicable or not, to projects undertaken by the enterprises on its own account as a commercial venture in the nature of production activities?

E.g. House construction by Local Authority or company and after completion sales by draw.
E.g. Flats construction by a Co-operative society for its members.

Now i appeared for ICWA final examination,whether icwa has good scope for practice in income tax, as i know cost accountant can not signed or approved the accounts of the company. i plan for the CA course,so give me the advice on that.

hi, this is tanuja.. for accounts -tulsian is good..? for pcc-tax singaniah or manoharan... which one is more comfortable to understand easily...

Respected Sir,
Our client place is availing the service of man power supply from an agency since 2004.the party has however not charged any service tax for his service,though there was an obligation for the same and now he is claiming the service tax amount which he failed to recover and we agreed to pay the same..
now the question is should we book the expenditure as prior period or not?

My question is whether director' remuneration for the month of March,2009 can be paid on 27/03/2009 i.e. before the end of the month.

If yes, then should the same will be accounted as Advances or not?

Regards,
Jyoti

My question is whether director' remuneration for the month of March,2009 can be paid on 27/03/2009 i.e. before the end of the month.

If yes, then should the same will be accounted as Advances or not?

Regards, Jyoti

There are many professional who opt to follow cash basis.My query is how will they allocate the tds recievable by them (especially at year end) as the actual receipt may have been recieved at later stage.....in most cases. In such cases there will be a mismatch in the gross income as per the TDS certificate and the actual income received. Moreover, if a consolidated TDS certificate is received, then what is the solution?

installation of product takes 6-8 months. the installation is other than incidental to sale of product.

if contracts fall in two different accounting years, whether AS - 7 (percentage completion) or AS -9 (completed contracts) should be applied for recognising revenue and why.