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Home Acts & Rules Direct Taxes Rules Accounting Standards U/s 145(2) Chapters List Income computation and disclosure standards - w.e.f. AY 2017-18 This
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ICDS - 05 - V - Tangible fixed assets (w.e.f. AY 2017-18) - Accounting Standards U/s 145(2)

Extract

..... s. Definitions 2(1) The following terms are used in this Income Computation and Disclosure Standard with the meanings specified: (a) "Tangible fixed asset" is an asset being land, building, machinery, plant or furniture held with the intention of being used for the purpose of producing or providing goods or services and is not held for sale in the normal course of business. (b) "Fair value" of an asset is the amount for which that asset could be exchanged between knowledgeable, willing parties in an arm's length transaction. (2) Words and expressions used and not defined in this Income Computation and Disclosure Standard but defined in the Act shall have the meanings assigned to them in that Act. Identification of Ta .....

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ICDS - 05 - V - Tangible fixed assets (w.e.f. AY 2017-18) - Accounting Standards U/s 145(2)

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..... e included as a part of the cost of the project or as a part of the cost of the tangible fixed asset. 8. The expenditure incurred on start-up and commissioning of the project, including the expenditure incurred on test runs and experimental production, shall be capitalised. The expenditure incurred after the plant has begun commercial production, that is, production intended for sale or captive consumption, shall be treated as revenue expenditure. Self- constructed Tangible Fixed Assets 9. In arriving at the actual cost of self-constructed tangible fixed assets, the same principles shall apply as those described in paragraphs 5 to 8. Cost of construction that relate directly to the specific tangible fixed asset and costs that are attributab .....

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ICDS - 05 - V - Tangible fixed assets (w.e.f. AY 2017-18) - Accounting Standards U/s 145(2)

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..... rtioned to the various assets on a fair basis. Transitional Provisions 16. The actual cost of tangible fixed assets, acquisition or construction of which commenced on or before the 31st day of March, 2016 but not completed by the said date, shall be recognised in accordance with the provisions of this standard. The amount of actual cost, if any, recognised for the said assets for any previous year commencing on or before the 1st day of April, 2015 shall be taken into account for recognising actual cost of the said assets for the previous year commencing on the 1st day of April, 2016 and subsequent previous years. Depreciation 17. Depreciation on a tangible fixed asset shall be computed in accordance with the provisions of the Act. Transfers .....

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ICDS - 05 - V - Tangible fixed assets (w.e.f. AY 2017-18) - Accounting Standards U/s 145(2)

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