plz. tell me about about tuff subsidy
on what item it is receivable
accounting treatment?
tax treatment?
while audit i have found that it has been deducted fromterm loa n interst ? how we can audit it
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 22 December 2009
subsidy is given by govt for expenditure namely for electricity or for capital expenditure in case of projects
Treatment of subsidy for expenditure it reduces expenditure While capital cost is reduced by the amount of subsidy and depreciation cannot be claimed for the subsidy portion
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