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

Clause 15 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2018 - Clause 15 - 15. Insertion of new section 43CB. After section 43CA of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effec .....

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ercentage 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 from a contract for providing services,- (i) with duration of not .....

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age of completion method, project completion method or straight line method referred to in sub-section (1)- (i) the contract revenue shall include retention money; (ii) the contract costs shall not be reduced by any incidental income in the nature of .....

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s 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 .....

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