Accounting treatment of grant received from state govt under uday scheme.
Sandip Kumar Sen (Sr.Manager(F&A)) (114 Points)
24 June 2016Sandip Kumar Sen (Sr.Manager(F&A)) (114 Points)
24 June 2016
CA Saurabh Singh
(Practising Chartered )
(974 Points)
Replied 24 June 2016
Hi Sandip,
In your case neither the government grant is in regards to specific assests or based on some fullfillment of condition, hence the same should be treated as income of the year i which recived.
Under the ICDS Regulation, ICDSVII deals with government grant which too specify the same.
Regards,
CA Saurabh SIngh