INCOME Tax Will Only Consider Turnover as per ICDS
provides that profits and gains arising from Construction Contract shall be
determined in accordance with PUCM Method of ICDS Only
arising from a construction contract or a contract for providing services shall
be determined on the basis of percentage of completion method in accordance
with the income computation and disclosure standards notified under sub-section
(2) of section 145:
profits and gains arising from a contract for providing services,-
of not more than ninety days shall be determined on the basis of project
indeterminate number of acts over a specific period of time shall be determined
on the basis of straight line method.
completion method, project completion method or straight line method referred
to in sub-section ( 1)-
any incidental income in the nature of interest, dividends or capital gains.”.
CA Ankit Gulgulia (Jain) is Fellow Member of ICAI, Certified IFRS & Business Valuation from ACCA UK and is Practising Chartered Accountant with 8 Years plus of Rich Experience in Audit, GST, Income Tax, DGFT, Valuation, Strategic Advisory, Matters of FEMA, FDI, NCLT, RERA, ROC, SEBI, RBI, M&A, Fundraising, Startups etc as Founder of AGA, Chartered Accountants. AGA Works in wholesome business solutions right from scratch of Company Incorporation to Compliances all under One Roof. He also takes interest in being Virtual Chief Financial Officer (CFO) for Small and Medium Enterprises for Guiding them with All Business, Tax & Strategic Business Decision Making . To Know More, Learn here or contact us at email@example.com