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        Income Tax

        When can a provision be recognized as per ICDS X.

        2 September, 2017

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        Manual - ICDS X : Provisions, Contingent Liabilities & Contingent Assets

        Taxpayer can recognize a provision in the following situations:

        • Taxpayer has a present obligation as a result of past event
        • It is reasonably certain that an outflow of resources embodying economic benefits would be required to settle such obligation and
        • a reliable estimate can be made of this obligation amount.

        A provision should not be recognized for costs that need to be incurred to operate in the future.

         

        Recognition of provisions under ICDS X requires a present obligation, probable outflow of resources, and a reliable estimate. Recognition of a provision under ICDS X requires a present obligation from a past event, a reasonably certain outflow of resources to settle the obligation, and a reliable estimate of the obligation amount; routine future operating costs must not be recognised as provisions.
                        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.

                              Recognition of provisions under ICDS X requires a present obligation, probable outflow of resources, and a reliable estimate.

                              Recognition of a provision under ICDS X requires a present obligation from a past event, a reasonably certain outflow of resources to settle the obligation, and a reliable estimate of the obligation amount; routine future operating costs must not be recognised as provisions.


                              Note: It is a system-generated summary and is for quick reference only.
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