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Comparison of ICDS-IX, AS-16 & IndAS-23 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

Extract

..... ude: (a) interest and commitment charges on bank borrowings and other short-term and long-term borrowings; (b) amortisation of discounts or premiums relating to borrowings; (c) amortisation of ancillary costs incurred in connection with the arrangement of borrowings; (d) finance charges in respect of assets acquired under finance leases or under other similar arrangements; and (e) exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment .....

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Comparison of ICDS-IX, AS-16 & IndAS-23 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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..... s as mentioned in aforesaid, Other than those borrowings which were specifically borrowed for the assets are not allowed. Only Assets (Tangible Fixed Assets, Inventories, and Investment Properties) That necessarily requires substantial period of time (Ordinarily 12 months or more) to get ready for its intended sale or use are regarded as qualifying assets. Assets can be regarded as qualifying assets even if they take less than 12 months only if in facts and the circumstances of the case is justi .....

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Comparison of ICDS-IX, AS-16 & IndAS-23 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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..... te for capitalisation is the date when the entity first meets all of the following conditions:(a) it incurs expenditures for the asset (b) it incurs borrowing costs; and (c) it undertakes activities that are necessary to prepare the asset for its intended use or sale. Suspension of Capitalisation No suspension under any circumstances. Capitalization suspended during extended periods in which active development is interrupted. An entity shall suspend capitalisation of borrowing costs during exten .....

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Comparison of ICDS-IX, AS-16 & IndAS-23 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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