Realty & engineering to be hit most by new tax norms

The proposed tax accounting standards (TAS), likely to take effect as early as April 2013, could pose problems for real estate firms and some engineering and construction companies, since they will need to fork out taxes in line with the percentage completion method. Moreover, banks with overseas branches too will be hurt somewhat by the new norms since they will need to reflect gains or losses arising out of translations, in their P&L rather than in their balance sheets.

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