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Summary of ICDS 'V' - Tangible Fixed Assets issued by CBDT

Dated:- 6-4-2015 - Income Computation & Disclosure Standards (ICDS) Issued by CBDT under power under section 145(2) of Income Tax Act, 1961 vide notification no. 32/2015, dated 31-3-2015 Purpose: Computation of Income under PGBP head and Income from Other sources head Applicability: All assessee following mercantile accouting system W.e.f. 01/04/2015 i.e. Assessment year 2016-17 ICDS - V - Tangible Fixed Assets S.No. Scope of ICDS Particulars .....

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revenue on consumption except specific machinery spares which have irregular use. 5. Component of Actual Cost - includes purchase price, import duties, other taxes except those recoverable subsequently and direct expenditure which incurred to make asset ready to use. Trade discount and rebate will be deducted. 6. Cost of tangible fixed asset may change subsequent to its acquisition or construction due to price adjustment, change in duties or simi .....

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gible fixed assets. Any internal profits will be eliminated. 10. In case of tangible fixed asset acquired in exchange for share or other securities or exchange for another asset - Fair value of the acquired tangible fixed asset will be the actual cost. 11. Improvements and Repairs: Those expenses which increases the future benefits will be added to actual cost. Any addition or extension which becomes an intergral part of the assset will be added .....

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