That the company has SSI unit at Greater Noida (U.P.) and received subsidy through investment grant under intergrated development of leather sector scheme (IDLSS) from Govt. of India toward purchase/ installation of machines.
I want to know how I should account for and pass the entries of the amount of incentive received. This incentive is taxable or non taxable.
machinery cost of Rs.30.00 Lacs, Incentive received Rs.9.00 Lacs i.e. 30% of cost of machinery. please calculate the written down value of machinery and depreication
Sir, requested you to resolve the query urgently because this query relate to financil year 2007-08
That the company has SSI unit at Greater Noida (U.P.) and received subsidy through investment grant under intergrated development of leather sector scheme (IDLSS) from Govt. of India toward purchase/ installation of machines.
I want to know how I should account for and pass the entries of the amount of incentive received. This incentive is taxable or non taxable.
machinery cost of Rs.30.00 Lacs, Incentive received Rs.9.00 Lacs i.e. 30% of cost of machinery. please calculate the written down value of machinery and depreication
Sir, requested you to resolve the query urgently because this query relate to financil year 2007-08
19 September 2008
machinery cost of Rs.30.00 Lacs, Incentive received Rs.9.00 Lacs i.e. 30% of cost of machinery. please calculate the written down value of machinery and depreication
19 September 2008
machinery cost of Rs.30.00 Lacs, Incentive received Rs.9.00 Lacs i.e. 30% of cost of machinery. please calculate the written down value of machinery and depreication
20 September 2008
Any subsidy received for capital purpose is not taxable.Here the subsidy is received for purchasing machinery which is a capital asset.Hence,the subsidy so received is not taxable.For accounting treatment of subsidy please go through AS 12.
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