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Tangible fixed assets - only for AY 2016-17

ICDS - 05 (old) - Old - ICDS for AY 2016-17 (Since withdrawn) - Other Direct Tax Provisions - ICDS - 05 (old) - ICDS V - Tangible fixed assets [See: Notification No. 32/2015 Dated:- 31-3-2015] [ Came into force with effect from 1st day of April, 2015, - Only for AY 2016-17] Since Withdrawn vide notification no. 86/2016 dated 29-9-2016 E. INCOME COMPUTATION AND DISCLOSURE STANDARD V RELATING TO TANGIBLE FIXED ASSETS Preamble This Income Computation and Disclosure Standard is applicable for comput .....

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xed assets. Definitions 2(1) The following terms are used in this Income Computation and Disclosure Standard with the meanings specified: (a)"Tangible fixed asset" is an asset being land, building, machinery, plant or furniture held with the intention of being used for the purpose of producing or providing goods or services and is not held for sale in the normal course of business. (b)"Fair value" of an asset is the amount for which that asset could be exchanged between knowl .....

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apitalised. Machinery spares shall be charged to the revenue as and when consumed. When such spares can be used only in connection with an item of tangible fixed asset and their use is expected to be irregular, they shall be capitalised. Components of Actual Cost 5. The actual cost of an acquired tangible fixed asset shall comprise its purchase price, import duties and other taxes, excluding those subsequently recoverable, and any directly attributable expenditure on making the asset ready for i .....

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cost of tangible fixed assets if they do not relate to a specific tangible fixed asset. Expenses which are specifically attributable to construction of a project or to the acquisition of a tangible fixed asset or bringing it to its working condition, shall be included as a part of the cost of the project or as a part of the cost of the tangible fixed asset. 8. The expenditure incurred on start-up and commissioning of the project, including the expenditure incurred on test runs and experimental p .....

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tributable to the construction activity in general and can be allocated to the specific tangible fixed asset shall be included in actual cost. Any internal profits shall be eliminated in arriving at such costs. Non- monetary Consideration 10. When a tangible fixed asset is acquired in exchange for another asset, the fair value of the tangible fixed asset so acquired shall be its actual cost. 11. When a tangible fixed asset is acquired in exchange for shares or other securities, the fair value of .....

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a separate identity and is capable of being used after the existing tangible fixed asset is disposed of, shall be treated as separate asset. Valuation of Tangible Fixed Assets in Special Cases 14. Where a person owns tangible fixed assets jointly with others, the proportion in the actual cost, accumulated depreciation and written down value is grouped together with similar fully owned tangible fixed assets. Details of such jointly owned tangible fixed assets shall be indicated separately in the .....

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