Assessments of EPC contractors cannot be done merely by assuming and comparing accounts with Form 26AS same is applicable even for professionals

Assessments of EPC contractors cannot be done merely by assuming and comparing accounts with Form 26AS same is applicable even for professionals https://www.taxtmi.com/article/detailed?id=11756 Assessments of EPC contractors and professionals cannot rest solely on Form 26AS comparisons or simple GP ratio analysis. EPC projects involve early cash outflows, staged GST billing and revenue recognised under the percentage completion method, creating timing mismatches that demand detailed reconciliations of accounts, GST and cash flows. Contractual disputes resolved by arbitration and year specific transactions further mean books should not be rejected without substantive, documented reasons; similar timing and TDS mismatches arise for professionals and require evidentiary examination. en-us Mon, 21 Aug 2023 10:15:15 +0530 Mon, 21 Aug 2023 10:15:15 +0530 TaxTMI RSS Generator Assessments of EPC contractors cannot be done merely by assuming and comparing accounts with Form 26AS same is applicable even for professionals https://www.taxtmi.com/article/detailed?id=11756 Assessments of EPC contractors and professionals cannot rest solely on Form 26AS comparisons or simple GP ratio analysis. EPC projects involve early cash outflows, staged GST billing and revenue recognised under the percentage completion method, creating timing mismatches that demand detailed reconciliations of accounts, GST and cash flows. Contractual disputes resolved by arbitration and year specific transactions further mean books should not be rejected without substantive, documented reasons; similar timing and TDS mismatches arise for professionals and require evidentiary examination. Articles Income Tax Mon, 21 Aug 2023 10:15:15 +0530 https://www.taxtmi.com/article/detailed?id=11756