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of <h1>New Income Computation Standard VII: Key Rules on Government Grants for Business Profits and Income from 2017-18 Onward.</h1> The Income Computation and Disclosure Standard VII, effective from the Assessment Year 2017-18, addresses the treatment of government grants for income computation under 'Profits and gains of business or profession' or 'Income from other sources.' It excludes government assistance unrelated to grants and government ownership participation. Government grants are recognized when compliance with conditions is assured and receipt is certain. Grants related to depreciable assets reduce asset cost, while those for non-depreciable assets are recognized as income over related obligation periods. Grants compensating past expenses are recognized as income when receivable. Refundable grants adjust asset costs or are charged to profit and loss. Disclosures include the nature and extent of recognized and unrecognized grants.
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