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subsidy received for machinery
assessee purchase machinery of 10000000 on jan and on the april he received govt subsidy of 3000000 how will he treat subsidy as in closing book of march he claim dep on 10000000.
Replies (4)
The subsidy is credited to P&L account and is taxable.
as par As12 subsidy received for plant and machinery is reduced from value of actual cost of machine
deduct the subsidy received in the year from the sale of wdv of the asset and compute depreciation accordingly.the grant will be recognized as income in the form of reduced depreciation charge.
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