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Construction business

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 September 2011 I have a client who is into construction business since may 2010.He has build residential flats which are half completed and still is under construction.How to report the accounts under 44AB tax audit report ?
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Preety Parik

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Preety Parik (Expert)
02 October 2011 Half completed contracts can be treated as work in progress. U need to report the basis of valuation of stocks including work in progress in form 3CD and notes to account.
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