Subsidy receipt under "10 per cent. Central Outright Grant of Subsidy Scheme, 1971"-Actual cost of assets for purposes of allowance of depreciation and development rebate-Section 43(1) of the Income-tax Act, 1961--Clarification regarding.
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Subsidy treatment reduces actual asset cost, affecting depreciation and development rebate under statutory income-tax provisions. The subsidy received under the 10 per cent Central Outright Grant Scheme is a capital receipt and, because Section 43(1) defines actual cost as cost ... Summary
Subsidy treatment reduces actual asset cost, affecting depreciation and development rebate under statutory income-tax provisions.
The subsidy received under the 10 per cent Central Outright Grant Scheme is a capital receipt and, because Section 43(1) defines actual cost as cost reduced by amounts met by others, the subsidy must be deducted from the cost of assets for computing development rebate and depreciation.
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