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of <h1>New Standards for Tangible Fixed Assets in Income Computation: Key Rules and Definitions Explained</h1> The Income Computation and Disclosure Standard V, effective from Assessment Year 2017-18, governs the treatment of tangible fixed assets for income computation under business profits or income from other sources, excluding book maintenance. In case of conflict, the Income-tax Act prevails. It defines tangible fixed assets and fair value, outlining criteria for asset classification and cost components, including purchase price, duties, and directly attributable expenses. Costs may change due to price adjustments or exchange fluctuations. Administration expenses unrelated to specific assets are excluded. The standard also addresses self-constructed assets, non-monetary consideration, improvements, repairs, joint ownership, consolidated purchases, transitional provisions, depreciation, transfers, and disclosure requirements.
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