Revised schedule vi

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Amrit Dalmia (Querist)
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26 October 2013 Dear Sir/Mam,

Where 'Deferred Government Grants' and 'Unclaimed MAT Credit Entitlement' shall be disclosed in the Balance Sheet as per revised Schedule VI?

CA Parul Saxena

CA Parul Saxena (Expert)
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26 October 2013 Unclaimed MAT Credit entitlement:
It should be classified as Current Asset as you would consider this figure at the time of computation of liability on 31.03.2014

Deferred government grants:-
It should be classified as Current Liabilities if you expect to settle this upto 31.03.2015 otherwise classify it as Non-Current Liabilities.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 October 2013 Deferred govt grants in no way satisfy the criteria of being a liabilty to be credited under current liabilities.

Infact it is income which is just deferred over the years hence it shown under reserves and not current or non current liability.

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Amrit Dalmia

Amrit Dalmia (Querist)
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28 October 2013 Please clarify the presentation of 'Deferred Govt Grants'?