https://www.taxtmi.com/acts?id=51588 Revenue recognition for construction and service contracts requires determination of profits and gains using the percentage of completion method under notified income computation and disclosure standards. For service contracts, profits and gains are determined by the project completion method for short-duration contracts and by the straight line method for contracts involving an indeterminate number of acts over a specified period. For all prescribed methods, contract revenue includes retention money and contract costs are not to be reduced by incidental income such as interest, dividends or capital gains. en-us Wed, 13 Aug 2025 18:57:29 +0530 Thu, 28 Aug 2025 09:57:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51588 Revenue recognition for construction and service contracts requires determination of profits and gains using the percentage of completion method under notified income computation and disclosure standards. For service contracts, profits and gains are determined by the project completion method for short-duration contracts and by the straight line method for contracts involving an indeterminate number of acts over a specified period. For all prescribed methods, contract revenue includes retention money and contract costs are not to be reduced by incidental income such as interest, dividends or capital gains. Act-Rules Income Tax Wed, 13 Aug 2025 18:57:29 +0530 https://www.taxtmi.com/acts?id=51588