labour contractor - wip
This query is : Resolved
ashok tripathi
(Querist)
15 February 2011
labour contractor engaged in golf course construction is showing income on running bill basis and after the bills being certified by the party. they do not show any wip in p&l.the income tax off added wip to the income.
i want to know is it ok not to show wip in above case and what case law can be used in appeal.pl guide
i want to know is it ok not to show wip in above case and what case law can be used in appeal.pl guide
sandesh mundra
(Expert)
16 February 2011
You will have to show WIP under a normal scenario. It is not ok not to show WIP.
If you fall under 44AD, then you may not show WIP.
If you fall under 44AD, then you may not show WIP.
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