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Government Grants - only for AY 2016-17

ICDS - 07 (old) - Old - ICDS for AY 2016-17 (Since withdrawn) - Other Direct Tax Provisions - ICDS - 07 (old) - ICDS VII - Government Grants [See: Notification No. 32/2015 Dated:- 31-3-2015] [ Came into force with effect from 1st day of April, 2015, - Only for AY 2016-17] Since Withdrawn vide notification no. 86/2016 dated 29-9-2016 G. INCOME COMPUTATION AND DISCLOSURE STANDARD VII RELATING TO GOVERNMENT GRANTS Preamble This Income Computation and Disclosure Standard is applicable for computatio .....

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he Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, waiver, concessions, reimbursements, etc. 2. This Income Computation and Disclosure Standard does not deal with: - (a) Government assistance other than in the form of Government grants; and (b) Government participation in the ownership of the enterprise. Definitions 3(1) The following terms are used in the Income Computation and Disclosure Standard with the meanings specified: (a) "G .....

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) Words and expressions used and not defined in this Income Computation and Disclosure Standard but defined in the Act shall have the meaning assigned to them in the Act. Recognition of Government Grants 4(1) Government grants should not be recognised until there is reasonable assurance that (i) the person shall comply with the conditions attached to them, and (ii) the grants shall be received. (2) Recognition of Government grant shall not be postponed beyond the date of actual receipt. Treatmen .....

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e cost of meeting such obligations is charged to income. 7. Where the Government grant is of such a nature that it cannot be directly relatable to the asset acquired, so much of the amount which bears to the total Government grant, the same proportion as such asset bears to all the assets in respect of or with reference to which the Government grant is so received, shall be deducted from the actual cost of the asset or shall be reduced from the written down value of block of assets to which the .....

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re intended to compensate. 10. The Government grants in the form of non-monetary assets, given at a concessional rate, shall be accounted for on the basis of their acquisition cost. Refund of Government Grants 11. The amount refundable in respect of a Government grant referred to in paragraphs 6, 8 and 9 shall be applied first against any unamortised deferred credit remaining in respect of the Government grant. To the extent that the amount refundable exceeds any such deferred credit, or where n .....

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