Retention Money Is Not Income Until Contract Obligations Are Met, Implying Deferred Recognition of Income. https://www.taxtmi.com/highlights?id=12671 Accrual of income - the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income in the year in which amount is retained. - HC en-us Wed, 15 May 2013 13:17:22 +0530 Wed, 15 May 2013 13:17:22 +0530 TaxTMI RSS Generator Retention Money Is Not Income Until Contract Obligations Are Met, Implying Deferred Recognition of Income. https://www.taxtmi.com/highlights?id=12671 Accrual of income - the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income in the year in which amount is retained. - HC Highlights Income Tax Wed, 15 May 2013 13:17:22 +0530 https://www.taxtmi.com/highlights?id=12671