Insertion of new section 43CB
Section 15 of the Finance Act, 2018 deals with insertion of new section 43CB. Insertion of new section 43CB. 15. After section 43CA of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:— "43CB.
Insertion of new section 43CB.
15. After section 43CA of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:—
"43CB. Computation of income from construction and service contracts.—(1) The profits and gains arising from a construction contract or a contract for providing services shall be determined on the basis of percentage of completion method in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145:
Provided that profits and gains arising from a contract for providing services,—
(i) with duration of not more than ninety days shall be determined on the basis of project completion method; (ii) involving indeterminate number of acts over a specific period of time shall be determined on the basis of straight line method. (2) For the purposes of percentage of completion method, project completion method or straight line method referred to in sub-section (1)—
Section 15, The Finance Act, 2018 (Act 13 of 2018).
(i) the contract revenue shall include retention money; (ii) the contract costs shall not be reduced by any incidental income in the nature of interest, dividends or capital gains.".
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 15
What does Section 15 of the Finance Act deal with?
Section 15 of the Finance Act is headed "Insertion of new section 43CB". Insertion of new section 43CB. 15. After section 43CA of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:— "43CB.
How do I find court cases under Section 15 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2018 15, section 15 Finance Act 2018, section 15 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 15 of the Finance Act, and has it changed?
Its own text turns on section 145 (Amendment of section 8AC), Income-tax Act 43CA (Special provision for full value of consideration for transfer of assets other than capital assets in certain cases), so none of them can safely be read on its own. 5 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2018 as Act 13 of 2018. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. INCOME-TAX8472 words
- 2. Income-tax4233 words
- 206. Amendment of Act 54 of 20001580 words
- Second Schedule. Second Schedule1062 words
- 33. Insertion of new section 112A756 words
- 63. Amendment of section 28707 words
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