construction contracts
Ankur (112 Points)
10 May 2007IN SUB CONTRACTOR IN CONSTRUCTION BUSINESS , TDS CERTIFICATE HAS BEEN ISSUED BY CONTRACTOR COMPANY ON PAYMENT BASIS AND IN THE SAME WAY ADVANCE GIVEN IN MARCH FOR SITE TO BE COMPLETED IN APRIL AFTER DEDUCTING TDS.AND THE SAME IS MENTIONED IN TDS CERTIFICATE.
SO TELL WHETHER THIS ADVANCE TO BE CONSIDERED AS INCOME OR THIS ADVANCE AND CORRESPONDING EXP. RELEVANT TO THIS ADVANCE TO BE SHOWN AS WORK IN PROGRESS.AND IF WE CAN NOT BIFURCATE CORRESPONDING EXP. RELATING TO ADVANCE THEN WHAT TO DO????
PLS HELP
ANKUR(C.A.)