GRANT FROM GOVERMANT OF PUNJAB
This query is : Resolved
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
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.
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
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Bank Accounts in Balance Sheet for ITR 3
- ITR 1: Details for showing Exempt Income
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
