GRANT FROM GOVERMANT OF PUNJAB
This query is : Resolved
satish kumar Chauhan
(Querist)
23 February 2024
R/Experts
We have received a grant of incentive from Government of Punjab under Fiscal incentive scheme on the basis of Investment in Plant & Machinery of New Unit. Unit in production since 2017. Incentive received for the period 2018-2021 in FY 2023-24.
Query is the incentive should be credited to Plant & Machinery A/c or Credit to Incentive A/c ( as a income)
Thanks
We have received a grant of incentive from Government of Punjab under Fiscal incentive scheme on the basis of Investment in Plant & Machinery of New Unit. Unit in production since 2017. Incentive received for the period 2018-2021 in FY 2023-24.
Query is the incentive should be credited to Plant & Machinery A/c or Credit to Incentive A/c ( as a income)
Thanks
CA R SEETHARAMAN
(Expert)
24 February 2024
Either it can be credited to either plant and machinery or keep it in balance sheet and credit it to p and l account based on the depreciation rate charged to plant and machinery every year.
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