Question: 14. C Limited is working on different projects which are likely to be completed within 3 years period. It recognizes revenue from these contracts on

14. C Limited is working on different projects which are likely

14. C Limited is working on different projects which are likely to be completed within 3 years period. It recognizes revenue from these contracts on percentage of completion method for financial statements during 2015, 2016 and 2017 for * 22,00,000, 32,00,000 and 42,00,000 respectively. However, for income-tax purpose, it has adopted the completed contract method under which it has recognized revenue of 14,00,000, 36,00,000 and 46,00,000for the years 2015, 2016 and 2017 respectively. Income tax rate is 35%. Compute the amount of deferred tax asset/liability for the years 2015, 2016 and 2017

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