https://www.taxtmi.com/acts?id=31786 Profits and gains from construction and service contracts must be determined using the percentage of completion method under applicable income computation and disclosure standards; short-duration service contracts use the project completion method and contracts involving an indeterminate number of acts use the straight line method. Contract revenue includes retention money, and contract costs cannot be reduced by incidental income such as interest, dividends or capital gains. en-us Thu, 01 Feb 2018 17:06:15 +0530 Thu, 01 Feb 2018 17:06:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=31786 Profits and gains from construction and service contracts must be determined using the percentage of completion method under applicable income computation and disclosure standards; short-duration service contracts use the project completion method and contracts involving an indeterminate number of acts use the straight line method. Contract revenue includes retention money, and contract costs cannot be reduced by incidental income such as interest, dividends or capital gains. Act-Rules Bills Thu, 01 Feb 2018 17:06:15 +0530 https://www.taxtmi.com/acts?id=31786