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Taxation of Government Grant
The problem is government grant is received before capitalisation of asset. only advances are given for machinery but it is receiven in subsequent year. so on thaat case can we deduct grant from advances given?
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You can deduct Grant from advances given for Machinery.
Or show Grant under other liabilities and adjust it in subsequent year by deducting from cost of Machinery
Or show Grant under other liabilities and adjust it in subsequent year by deducting from cost of Machinery
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