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of <h1>Understanding ICDS VII: How Government Grants Affect Income and Asset Valuation for 2016-17</h1> The Income Computation and Disclosure Standard (ICDS) VII, applicable for the assessment year 2016-17, addresses the treatment of government grants under the 'Profits and gains of business or profession' or 'Income from other sources.' It excludes government assistance not classified as grants and government ownership participation. Government grants are recognized when there is reasonable assurance of compliance with conditions and receipt. Grants related to depreciable assets reduce asset costs, while those for non-depreciable assets are recognized as income over related cost periods. Refunds of grants adjust asset values or are charged to profit and loss. Disclosure requirements include the nature and extent of recognized and unrecognized grants.
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