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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 f .....

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V Tangible Fixed Assets 1. Scope - Treatment of Tangible Fixed Assets 2. Terms used - a) Tangible Fixed assets (Held for providing goods or service or both) b) Fair value (Price of Ar .....

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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 .....

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lar factors or change in foreign exchange fluctuations. 7. Administration and other general overheads will be excluded from cost of tangible fixed asset if they are not asset specific. 8. Startup expe .....

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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 ass .....

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to actual cost. Those addition or extensions which have separate identity & can be used even after the original asset will be booked as a separate asset. 12. Valuation of Tangible Fixed Assets in special cases : In case o .....

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