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Summary of ICDS VII - Government Grants - Issued by CBDT

Dated:- 8-4-2015 - 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 - VII - Securities S.No. Scope of ICDS Particulars VII .....

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r kind for past or future compliance of some conditions. - Exclusion:- Those assistance which can not measure in money terms and normal trading transactions with governments. 4. Recognition of Government Grants - When there are reasonable assurannce that conditions attached with grants will be complied and grants will received. But recognition can not be after the date of realisation. 5. 1 Treatment of Government Grants - In case of grants related to depreciable .....

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