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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Income recognition from contract activity - recognition income ...

Income Tax

July 19, 2019

Income recognition from contract activity - recognition income on reimbursement - AS-7 - there is no change so far as “cost based” percentage completion method in concerned - in the case of reimbursement, there is no profit element, consequently, recognition income of such reimbursement is not appropriate

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