How to fill in itr of a film producer-film not completed ?

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practice
2112 Points Joined February 2009

Hello everyone,

one of my client (proprietor) has for the first time produced a movie. 

movie yet not completed. in the fy 11-12 total expenditure on film was Rs.20 lacs.

i have to file his income tax return but not sure how fill in the ITR form because we cannot show loss since as per rule 9A expenses will be allowed only when film is sold ?

waiting for the views of the experts.

thanks in advance.

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On 23 March 2013 at 19:43 Report
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LEARNER
1394 Points Joined August 2009

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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On 23 March 2013 at 20:05


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