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Income Tax - Highlights / Catch Notes

Home Highlights May 2020 Year 2020 This

Revenue recognition - The difference in revenue generating ...

Income Tax

May 28, 2020

Revenue recognition - The difference in revenue generating pattern. ‘NOP’ project already completed but certain portion of development remain unsold. It shows that revenue model is not same i.e. in construction contract, the whole revenue is already determined and only construction has to be completed. Revenue can be recognized significantly based on principle of AS-9 (Accounting Standard as per ICAI).

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