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tax liability in incomplete civil contract

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(Querist)
27 May 2008 How a company will pay tax on income from a construction project having 3 years competion period. First year completed 45% only.
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CA. Yayati Tyagi

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CA. Yayati Tyagi (Expert)
28 May 2008 u have to do accounting by any of the methods suggested in A.S. 7, then according to income declared in books, u will be taxed.

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