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of <h1>Clause 57 of the Income Tax Bill, 2025, updates revenue recognition for construction/service contracts, aligning with global standards.</h1> Clause 57 of the Income Tax Bill, 2025, modernizes revenue recognition for construction and service contracts, aligning with global accounting standards. It mandates the use of the percentage of completion method for revenue recognition, ensuring income is reported proportionally to project progress. For service contracts, it specifies the project completion and straight-line methods. The clause also clarifies that contract revenue includes retention money, while costs should not be reduced by incidental income. Compared to Section 43CB of the Income-tax Act, 1961, Clause 57 introduces nuanced differences, such as its legislative context and reference to updated standards.
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