Insertion of new section 43CB- Computation of income from construction and service contracts.

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..... Computation of income from construction and service contracts. 43CB. (1) The profits and gains 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: Provided that profits and gains arising .....

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..... ew section provides that profits and gains of 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. It is further proposed to provide that in the case of a contract for providing services with duration less th .....

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