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Summary of ICDS - X - Porvisions,contingent liabilities and contingent assets - issued by CBDT

Dated:- 11-4-2015 - 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 f .....

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Provisions, contingent liabilities and contingent assets 1. Scope - Deals with Provisions, contingent liabilities & contingent assets 2. Out of scope - resulting from financial instruments & executor contracts, in .....

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resulting in an outflow, Obligating event: An obligation which have no realistic alternative to settlement, Executory contracts: In which neither part performed any its obligation or not performed to equal extent , Present obligation: Based on the ev .....

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n control of the person OR a present obligation from past events but not recognised because it is not reasonably certain that outflow will be required or a reliable estimate of obligation cannot be made 3.2 Contingent Assets: A possi .....

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s a result of past events AND b) Reasonably certain of outflow obligation AND c) a reliable estimate of obligation can be made. All 3 conditions need to be met. No provision for cost need to be incurred to operate in future. Only on enactment of legi .....

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related income will be recognised. 7. Measurement - Amount recognised as a provision shall be best estimate of the expenditure. Provision shall not be discounted to its present value, Amount recognised as asset and related income sh .....

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recognised when its reasonably certain that it will received but it will be limited to the value of provision. 9. In case of jointly and severally liable obligation, it will be treated contingent liability to .....

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