Work contract

pooja (Querist) 11 November 2013 This query is : Resolved
A contractor completes a work contract in three years. How will be his income assessed for purpose of income tax? Whether it will be yearwise? If yes how and can you please provide some case law on it?

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Devajyoti Barman (Expert) 11 November 2013
academic query...no reply.

Rajendra K Goyal (Expert) 11 November 2013
Contact your tax consultant. All the accounting papers and payment schedule, bill submitted need to be analyzed for advise which may save tax also.

Anirudh (Expert) 11 November 2013
To easily understand the issue, please go through the following link:

http://www.taxlawsonline.com/acstandards/as7.htm

For revenue recognition method please read the following link:

http://accountingexplained.com/financial/revenue/percentage-of-completion-method

R.K Nanda (Expert) 11 November 2013
academic query.

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