(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.
