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.
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