Govt subsidy
This query is : Resolved
01 December 2018
Dear Sir,
We had purchased plant and machinery for our factory on 01/04/2015. At that time ,we had applied for govt. subsidy.
Now In 28/11/2018 we had received govt. government subsidy of Rs 15 lakhs.
What will be the accounting treatment for subsidy of Rs 15lakhs in books of account. Whether entire amount of Rs 15 lakhs is taxable.
We had purchased plant and machinery for our factory on 01/04/2015. At that time ,we had applied for govt. subsidy.
Now In 28/11/2018 we had received govt. government subsidy of Rs 15 lakhs.
What will be the accounting treatment for subsidy of Rs 15lakhs in books of account. Whether entire amount of Rs 15 lakhs is taxable.
02 December 2018
Credit the subsidy amount to plant and machinery acount. Such capital subsidy not taxable.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TWO FIRM NAME IN ONE GST NUMBER
- Section 54 f disallowed will be taxed at what rate
- ITR -1 Filing
- Transportation of Petrol, Diesel by GTA and Other than GTA
- Rebate u/s 87A under old regime - LTCG u/s 112A
- SEA GOING ALLOWANCE
- Transfer of Rectification Rights to the Jurisdictional Assessing Officer
- Transfer of rectification rights to ao
- Trust 10AB form required for old asst. years?
- Share in property
- Gratuity payment criteria
- Procedure and Documents Required for Release of FD from DVAT
- How to rectify gstr1 credit note
- Interest on building loan
- Non- payment of GST on supply of services- reg
- Other party gstin shown on my login id
- Accumulated surplus exceeding 15%
- Different GST Number MEESHO
- Query on TDS Section 194H
- Fees amount transfer procedure for two doctors
Trending Online Classes
CAclubindia
