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Accounting treatment of grant received from state govt under uday scheme.
DISCOM will receive Grant from State Govt under UDAY scheme for payout the Loan of Bank & FI which was taken for Capital & Working Capital purpose. So pls indicate whether such grant will be treated as Income or Capital (Balance Sheet item). Pls indate its tax treatment as per ICDS norms.
Replies (1)
Hi Sandip,
In your case neither the government grant is in regards to specific assests or based on some fullfillment of condition, hence the same should be treated as income of the year i which recived.
Under the ICDS Regulation, ICDSVII deals with government grant which too specify the same.
Regards,
CA Saurabh SIngh
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