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Summary of ICDS - X - Porvisionscontingent 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 following mercantile accounting system W.e.f. 01/04/2015 i.e. Assessment year 2016-17 ICDS - X - Provisions, contingent liabilities and contingent assets S. No. Scope of ICDS Particulars X .....

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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 evidence available , its existence is reasonably certain. 3.1 Contingent liability: a possible obligation from past events which confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly withi .....

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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 legislation obligation arises. 5. Recognition of Contingent Liabilities - No recognition. 6. Recognition of Contingent Assets - No recognition, on reasonable certain that inflow of economic benefit will arise, assets and .....

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