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        Income Tax

        What is the manner of recording the borrowing costs.

        1 September, 2017

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        Manual - ICDS IX : Borrowing Costs

        Borrowing costs directly attributable to acquisition, construction, production of tangible and intangible assets are required to be  capitalized as part of that asset cost. With respect to inventory, the borrowing costs should be added to inventory cost, only if such inventory takes twelve months or more for being brought to saleable condition. In respect of funds borrowed specifically for a qualifying asset, the actual borrowing costs during the period are required to be capitalized to that asset. In respect of general borrowings, a specific formula for capitalizing borrowing costs is provided based on the ratio of qualifying assets to total assets.

         

        Borrowing costs capitalization requires capitalizing interest for qualifying assets; inventory only when production is prolonged. Borrowing costs directly attributable to acquisition, construction or production of tangible and intangible assets must be capitalized as part of the asset cost. Inventory borrowing costs are capitalized only when the inventory requires an extended period to become saleable. Specific borrowings for a qualifying asset require capitalization of actual borrowing costs incurred during the qualifying period. For general borrowings, a formulaic allocation apportions borrowing costs to qualifying assets based on the ratio of qualifying assets to total assets.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Borrowing costs capitalization requires capitalizing interest for qualifying assets; inventory only when production is prolonged.

                              Borrowing costs directly attributable to acquisition, construction or production of tangible and intangible assets must be capitalized as part of the asset cost. Inventory borrowing costs are capitalized only when the inventory requires an extended period to become saleable. Specific borrowings for a qualifying asset require capitalization of actual borrowing costs incurred during the qualifying period. For general borrowings, a formulaic allocation apportions borrowing costs to qualifying assets based on the ratio of qualifying assets to total assets.


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