QUESTION REGARDING AS7
This query is : Resolved
31 July 2010
I AM DOING AN AUDIT OF CONSTRUCTION FIRM, THE HONOURABLE ITO HAS SUGGESTED MY CLIENT TO FOLLOW THE COMPLETED CONTRACT METHOD i.e TO RECOGNISE THE SALE WHEN SALE DEED IS REGISTERED, WHICH IS CONTRARY TO AS7(REVISED 2002), WHICH SUGGEST PERCENTAGE OF COMPLETION METHOD.
NOW, MY QUERY IS WHETHER I SHOULD GO WITH AS7 OR OBEY ITO...?
NOW, MY QUERY IS WHETHER I SHOULD GO WITH AS7 OR OBEY ITO...?
31 July 2010
If the accounts are to be compulsorily audited under any statute, irrespective of the status of the assessee, for accounting purpose accounting standard 7 has to be necessarily followed and income has to be offered for taxation accordingly. I do not personally agree with the view of ITO.
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