Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
TMI Short Notes

Home TMI Short Notes Income Tax All Notes for this Source This

How to deal with a situation where compensation is payable for the purposes of giving ‘immediate financial support’ with no further related cost.

  • Contents
  • Plus+

Manual - ICDS VII : Government Grants

In this circumstance, a government grant is awarded for giving immediate financial support to an enterprise rather than as an incentive to undertake specific expenditure. Such grants may be confined to an individual enterprise and may not be available to a whole class of enterprises. In such a case, the grantee is considered to have complied with the grant related conditions and has to recognize grant in the period in which such sums become receivable. Actual receipt is immaterial for the purposes of income recognition.

 

 

Dated: 31-8-2017



 

 

Quick Updates:Latest Updates