Tag Archives: Retention money Income Tax MAT

Retention money is not income under Minimum Alternate Tax

By | March 18, 2017

“Retention money” not regarded as income under minimum alternate tax The Kolkata Bench of the Income-tax Appellate Tribunal held that retention money is not in the nature of income until such time that the taxpayer performs the contractual obligations to the satisfaction of the customer. On the date when the bills were submitted, having regard to the… Read More »