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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 f .....

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Government Grants 1. Scope - Treatment of Grants. Grants may be in form of subsidies, cash incentives, duty drawbacks, waiver, concessions , reimbusement etc. 2. Out of scope - Govt. assistance other than in the fo .....

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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 reaso .....

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fixed assets or other assets, it will be deducted from the actual cost of the asset concerned or block of the assets as the case may be. - In case of grants related to non depreciable assets or assets which requires certain obligations, it will be r .....

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eived. 5.3 In case of grants related to compensation for expenses or losses of previous years or to give immediate financial support, it will be recognised as income of the period in which it is receivable. 5.4 In ca .....

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