Dear Sir,
Greetings for the day!
We had a T/L and CC of 28 lakhs out of which we repaid 5 lakhs(so remaining now is 23 lakhs) and the account got NPA.
The bank re covered 16 lakhs from CGTSME and rest amount was done in OTS.
what would be the accounting treatment (for the firm) of the subsidy received for the income tax purpose?
this should help you https://home.kpmg.com/content/dam/kpmg/in/pdf/2017/01/KLN-Agrotechs-(P)-Ltd.pdf
Chirag N Shah & Associates
Mumbai
CA Inter
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Interactive Media Pvt Ltd.
New Delhi
CA Inter
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