I am not clear regarding the revenue recognition with respect to construction contracts, especially the case where expected costs exceeds expected revenue!
I have come to known that such a situation demands the expected loss to be treated as an expense.
But I have come across a situation where, % of completion is applied on such expected loss, and is stated that such portion is to be recognized in the P&L.. and the balance shall be provided for as provision-- Isn't this according to CONSTRUCTION CONTRACTS??

In short, can a trade-off be emerged between CONSTRUCTION CONTRACTS and AS-7??
Or do they both take different stands??

I have searched for illustrations on similar cases, but I couldn't figure out any!

Kindly clarify my concept,
Regards,
Hari krishnan.

I am not clear regarding the revenue recognition with respect to construction contracts, especially the case where expected costs exceeds expected revenue!
I have come to known that such a situation demands the expected loss to be treated as an expense.
But I have come across a situation where, % of completion is applied on such expected loss, and is stated that such portion is to be recognized in the P&L.. and the balance shall be provided for as provision-- Isn't this according to CONSTRUCTION CONTRACTS??
I have searched for illustrations on similar cases, but I couldn't figure out any!

Kindly clarify my concept,
Regards,
Hari krishnan.

What is capitalization pls explain.

what is capitalization,how it is done.

SIR
I WANT SUBMIT MY RETURNS OF LAST 3 YEARS AND CURRENT YEAR
PLZ TELL ME DUE DATES FOR
AY 2010-11
AY 2011-12
AY 2012-13
AY 2013-14

IS THERE ANY PENALTIES FOR LATE RETURNS

My Employer wrongly entered my PAN Number in ETDS returns For the AY 2012-13. So I am Unable to See My tds in Form 26AS.
i was inform so-meany times to my employer but he was not corrected yet.
what to do ?
CAN U TELL ME THE PROCEDURE FOR THAT.TELL ME THE E-MAIL ADDRESS FOR THAT OR ADDRESS FOR ANY LETTER.I AM E MAIL SAME MATTER TO CONTACTUS@TDSCPC.GOV.IN BUT NO REPLY YET.

i have selected for govt job as a accountant, there i have to submit my ITT certificate with percentage but our institute doesn't issue certificate with percentage, what should i do now to get my percentage
when i asked to regional chairman he said that he has no authority to provide such certificate with percentage so please advise me.

FOR A.Y.2013-14 WHERE THE ASSESSEE IS UNDER TAX AUDIT, CAN FILE HIS RETURN OF INCOME BEFORE FILING HIS TAX AUDIT IN ELECTRONIC FORM.WHICH IS COMPULSORY MADE BY CBDT.

Hi,

Someone may please see the following and reply :


Query1

Whether a Salaried Individual can claim as ALLOWABLE DEDUCTION, the amount paid in respect of PROJECT MANAGEMENT COURSE.

Ans : .....................


Query2

What is the higher limit available for SELF-OCCUPIED HOUSE PROPERTY?

Ans : .....................


Query3

Can a Salaried Individual claim as Allowable Deduction - the Registration Cost, Stamp Duty paid, etc. for house purchase?

Ans : .....................


Query4

I may request for more specific ALLOWABLE INCOME TAX DEDUCTIONS AVAILABLE FOR SALARIED INDIVIDUAL.

Ans : .....................


I would be grateful, if I am able to get any circular / notification / URL for my reference and better understanding.

Thanks in advance for replies.

Here A Joint Venture(An AOP ) distributed share of profit to one of its co venturer without tax provisioning & the tax liability on the above share of profit before tax borne by the venturer.

Whether the above arrangement absolve the liability of the Joint Venture(An AOP ) under SEC-4 Of IT ACT ,1961 since tax has been paid by the constituent member of AOP i.e One of the Joint Venturer.

In case Joint Venture is liable under SEc -4 to pay tax on above pre tax share of profit then whether the Venturer who has already paid tax on such pre tax profit gets TAX Refund.