can you pls advise on below
we had executed civil work in year 22-23 and part of the work was completed during that year and balance work was completed in year 23-24 and we got the full payment in 23-24
now from point of accounting and tax purpose how this will be taxes ( income tax) will i have to pay tax in 23-24 as well in 22-23 and how the expenses for this work to be considered foR taxation purpose
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Tax and expenses
Replies (4)
Quick Summary
Assed tax method for that year.
Revenue recorded as per construction contracts
There are two method cost plus contract and margin
HI SABYASCAHI CAN YOU PLS ELOBRATE
LETS SAY TOTAL CONTRACT 6 LACS AND WORK EXCEUTED IN 22-23 RS 5 LACS AND BALANCE WORK COMPLETS IN 23-24
TRY STAGE OF COMPLETION = COSTS TO DATE/TOTAL COSTS*100 (REVENUE, COS X %)
DR CONTRACT ACCOUNT
CR PAYABLES
DR CONTRACT ACCOUNT
CR REVENUES
DR COST OF SALES
CR CONTRACT ACCOUNT
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