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of <h1>Section 43CB: Income from Construction, Service Contracts Calculated by Percentage of Completion or Project Completion Methods</h1> Section 43CB of the Income-tax Act, introduced by the Finance Act, 2018, outlines the method for computing income from construction and service contracts. Profits from such contracts are generally determined using the percentage of completion method, following the income computation and disclosure standards. However, for service contracts lasting no more than ninety days, the project completion method applies, while contracts involving multiple acts over time use the straight line method. Contract revenue includes retention money, and contract costs are not offset by incidental income like interest or dividends. This section is effective from April 1, 2017.
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