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VII Government grants Preamble (w.e.f. AY 2017-18)

ICDS - 07 - Income computation and disclosure standards - w.e.f. AY 2017-18 - Other Direct Tax Provisions - ICDS - 07 - G. Income Computation and Disclosure Standard VII relating to government grants Preamble (Vide notification no. 87/2016 dated 29-9-2016 w.e.f. Assessment Year 2017-18) This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" a .....

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rsements, 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) "Government" refers to the Central Government, State Governments, agencies and similar bodies, whether local, national or internationa .....

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ning 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. 4(2) Recognition of Government grant shall not be postponed beyond the date of actual receipt. Treatment of Government Grants 5. Where the Government grant relates to a depreciable fixed asset or assets of a person, the grant shall be dedu .....

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latable 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 asset or assets belonged to. 8. The Government grant that is receivable as compensation for expenses or losses incurred in a previous fi .....

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ed 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 no deferred credit exists, the amount shall be charged to profit and loss statement. 12. The amount refundable in respect of a Governmen .....

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