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How to fill in itr of a film producer-film not completed ?
Replies (1)
Helloo friend......
I THINK IT IS A CONTRACT. TO PRODUCE A FILMS. SO IT WILL BE TAXABLE, IF WORK IS CERTIFIED AND CASH IS RECIVED...........(if contract is completed in following percentage)
0-25%.....NIL
25%- 50%......1/2 of NOTIONAL PROFIT X CASH RECIVED/WORK CERTIFIED
50%- 90%.......2/3 OF NOTIONAL PROFIT X CASH RECIVED/ WORK CERTIFIED
NOTIONAL PROFIT= VALUE OF WORK CERTIFIED + COST OF WORK UNCERTIFIED - EXPENDITURE TILL DATE......
THANKS
SHIKHAR
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