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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.

       

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      ActsIncome Tax
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