Income Computation & Disclosure Standards ( ICDS ) Second half : Chamber of Tax Consultants June, 2017 Noopur Agashe and Amit Agarwal
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1 Second half : Chamber of Tax Consultants June, 2017 Noopur Agashe and Amit Agarwal
2 Contents 1 ICDS VII: Government Grants 2 Case Study on government grants 3 ICDS VIII: Securities 4 Case Study on securities 5 ICDS II: Valuation of Inventories 6 Case Study on Inventories 2
3 1 ICDS VII: Government Grants
4 ICDS VII: Government grants Government, Government Government agencies and Similar bodies whether local, national or international. Government Grants Assistance by government in cash or kind to an enterprise for past or future compliance. Exclusions from the scope of ICDS: Assistance other than in the form of Government grants. Government participation in the ownership of the enterprise. 4
5 ICDS - VII: Government Grants Accounting of government grants under ICDS Recognition criteria Broadly, Government grant can be of following categories: Assurance of compliance of terms and conditions Grant relatable to fixed asset Reasonable assurance that grant shall be received Grant relatable to other than fixed asset No postponement beyond actual date of receipt Reasonable assurance means that the entity will comply with the conditions attached to the grant and that the grant will be received 5
6 ICDS VII: Government grants - Impact ICDS requires recognition of any subsidy as income which is conflicting with the Act. To clear the anomaly, definition of income under section 2(24) of the Act was been amended with effect from April 1, 2015 to provide that: Assistance in form of subsidy or grant or cash incentive or drawback or reimbursement by Government in cash or kind shall be income of the assesse Extract of Section 2(24)(xviii) assistance in the form of a subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement (by whatever name called) by the Central Government or a State Government or any authority or body or agency in cash or kind to the assessee 17[other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43] 6
7 ICDS VII: Government grants - Impact Explanation 10 of Section 43(1) of the Act Where a portion of the cost of an asset acquired by the assessee has been met directly or indirectly by Central Government or a State Government or any authority established under any law or by any other person, in the form of a subsidy or grant or reimbursement (by whatever name called), then, so much of the cost as is relatable to such subsidy or grant or reimbursement shall not be included in the actual cost of the asset to the assessee: Provided that where such subsidy or grant or reimbursement is of such nature that it cannot be directly relatable to the asset acquired, so much of the amount which bears to the total subsidy or reimbursement or grant the same proportion as such asset bears to all the assets in respect of or with reference to which the subsidy or grant or reimbursement is so received, shall not be included in the actual cost of the asset to the assessee. 7
8 ICDS - VII: Government Grants Treatment of government grants under ICDS Attributable to specific asset Reduce cost or block WDV Not attributable to specific asset but to the block of assets Grant relatable to fixed asset. Reduce cost or WDV in proportion. Grant at Concessional rate Account on basis of acquisition cost Refund to Government on non-fulfillment of obligations To be added to the cost of the asset Depreciation allowance to be claimed prospectively. Disclosure The nature and amount reduced from cost in the Previous Year ( PY ) Nature and amount not reduced from costs in the PY with reasons. 8
9 ICDS - VII: Government Grants Treatment of government grants Contd. Grant other than fixed assets Grant received as compensation for expenses or losses or as financial support Non- depreciable assets Income in the period of receivable. Income in the period over which cost of meeting such obligation is charged to income All other grants other than impacting cost of asset Income in the period of their costs. Refunds Adjusted against any unamortised deferred credit Balance to be debited to Profit & loss Account 9
10 ICDS - VII: Government Grants Disclosure requirement under ICDS Disclosure Nature and amount recognized as Income for the PY Nature and amount not recognized as income for the PY with reasons Concluding Thoughts With effect from April 1, ICDS guidelines are in line with the provisions of the Income-tax Act,
11 ICDS - VII: Government Grants ICDS vs AS Quick snapshot Topic ICDS 7 AS 12 Ind-AS Recognition Recognition - Depreciable asset Recognition - Non-depreciable asset Recognition Promoter contribution Compensation for losses Recognition of grants not to be postponed beyond the date of actual receipt or fulfilment of conditions which ever is earlier Grant relating to a depreciable asset to be deducted from the cost/wdv of the asset and cannot be treated as deferred income. Grant relating to a non-depreciable asset to be recognised as income over the same period of the cost being charged. To be recognised as income over the same period of the cost being charged. Compensation for losses disclosed AS-12 provide for postponement of government grant beyond the date of actual receipt where condition attached to the grant are not fulfilled. Grants for fixed assets are presented either by deducting from gross value of the asset or as deferred income. Grant relating to a non-depreciable asset to be credited to capital reserve. Capital grants in nature of promoter s contribution are treated as capital reserve. Not required to be disclosed Similar to AS Grants related to assets including non-monetary grants at fair value, should be presented in balance sheet as deferred income. Government grants are not directly credited to shareholders interests. Similar to AS 11
12 ICDS - VII: Government Grants Points to ponder ICDS provisions in line with the provisions of the Act Thoughts on the amendment Subsidy, grant, etc., (other than reduced from actual cost) to be treated as income Relevance of Purpose test ignored (i.e. capital v revenue in nature) Carbon credits from other agencies How the below should be treated for tax? Prepayment of sales tax under deferral scheme Promoter contribution by Government Whether recognition of government grant can be postponed beyond the date of actual receipt? 12
13 ICDS - VII: Government Grants Judicial precedents overruled Subsidy granted for setting up new unit/expansion of existing business is a capital receipt. (Sahney steel & press works Ltd. (228 ITR 253 (SC)), PonniSugars & Chemicals Ltd. (306 ITR 392) (SC)) Subsidy to setup a new unit in a backward area Capital receipt. (Reliance Industries Ltd. (339 ITR 632) (Bom)) Subsidy for construction of multiplex theatre complexes Capital receipt(chaphalkar Brothers (351 ITR 309) (Bom)) Incentive by way of additional quota for free sale of sugar for setting up a new sugar factory/expansion Capital receipt (Kisan Sahkari Chini Mills Ltd. (2 taxmann.com 274) (Allahabad)) Grant given for research in the field of telecommunications, which in turn would benefit the Nation and public at large, has been held as capital receipt. (India Telephone (215 Taxman 82) (Karnataka)) 13
14 2 ICDS: VII Government grants Case study
15 Case Study 1 On timing of recognition of grant Export of goods Local suppliers Export customers ICo Purchase of inputs Import supplier Importer Sells duty credit Timing of recognition of Export incentives Facts I Co manufactures goods from locally sourced materials and exports them I Co is entitled to duty credit on exports which it can either itself use to import goods without payment of duty or sell the credit to other importers I Co recognized duty credit in Year 1 of Rs.1 Cr. on export made during Year 1 The duty credit was actually used in Year 2 partly by importing goods and partly by sale to other importers 15
16 Case Study 1 On timing of recognition of grant Book Treatment as per ICAI AS AS-12 permits I Co to recognise duty credit of Rs.1 Cr in Year 1 since there is reasonable assurance of compliance of attached conditions and reasonable certainty of ultimate collection Tax Treatment pre ICDS SC ruling in Excel Industries1 permits I Co to recognise duty credit of Rs.1 Cr in year 2 when there is actual import or sale of duty credit But, tax recognition in Year 2 may create MAT mismatch in Year 1 Tax Treatment post ICDS ICDS requires recognition in Year 1 inline with AS-12 ICDS further provides recognition cannot be postponed beyond date of actual receipt 1 (358 ITR 295) (SC) 16
17 Case study 2 Stamp duty concession for land I Co Land Buys land in backward area for setting upunit Stamp duty exemption for land State Govt Facts I Co buys land at cost of Rs.20 Cr. in Year 1 in backward area pursuant to package scheme of incentives offered by State Government I Co has obligation to set up industrial unit & provide certain level of employment I Co is exempted from paying stamp duty of Rs. 1 Cr 17
18 Case study 2 Stamp duty concession for land Book Treatment as per ICAI AS-12 As per Expert advisory committee of ICAI, exemption from statutory levies not covered within scope of AS- 12 (Position may change under Ind-AS) I Co. can recognize land cost at Rs. 20 Cr Tax Treatment pre ICDS Arguably, subsidy in given facts, is nonchargeable capital receipt if primary object of subsidy can be substantiated to be for promoting industrialization and employment in backward area Land cost is arguably Rs. 20 Cr Tax Treatment post ICDS ICDS requires subsidy related to assets and/or subsidies other than assets to be recognized as income (over a period matching with incurrence of related costs). Accordingly, the stamp duty concession of INR 1 Crore would be taxed as per ICDS 7. 18
19 Case study 3 Grant related to depreciable fixed asset Co. A has received grant of Rs. 10 crore from Rajasthan Government to procure a plant worth Rs. 25 Crores to be used in manufacturing unit based in Alwar. How this plant should be recognized as per ICDS. Balance sheet Asset Grant Net Amount to be shown as per ICDS 25 Crore -10 Crore 15 Crore No difference in Pre and Post ICDS implication subsidy will be reduced from the cost of asset 19
20 Case study 4 Grant related to non depreciable fixed asset (with condition) Co. A has received grant of Rs. 10 crore from Rajasthan Government to procure land worth Rs. 25 Crores on which A will construct the plant. As condition, Company needs to keep 1000 local work force for next 5 years, else government will ask for refund of the grant on pro-rata basis. How this plan should be recognized as per ICDS. Balance sheet Asset Land Liabilities Grant (deferred revenue) 25 Crore 10 Crore Grant of 10 crore will be recognized as income in P&L over the period of 5 years. Pre ICDS grant would be regarded as capital receipt under capital reserve 20
21 Case study 5 Grants related to non depreciable assets (without obligation) I Co. Land Subsidy for meeting cost of land Buys land in backward area for setting up of unit GOI Facts I Co buys land at cost of Rs. 10 cr. in year 1 in backward area pursuant to package scheme of incentives offered by Government I Co has obligation to set up Industrial unit I Co receives subsidy of Rs. 2 Cr. From Government for meeting cost of land in year 3 after setting up of unit 21
22 Case study 5 Grants related to non depreciable assets (without condition) Book treatment as per ICAI AS I Co. can recognize subsidy of Rs. 2 cr: In capital reserve in balance sheet PRE Amendment POST Amendment Tax treatment pre ICDS Pre amendment to income definition. arguably subsidy in given facts is non chargeable capital receipt Finance Act 2015 amended definition of income to includes government subsidy which is not adjustable in the cost of asset Tax treatment post ICDS Income includes government subsidy which is not adjustable in the cost of asset ICDS recognition of grant as income over a period matching with incurrence of related cost i.e. purchase of land in year 1. Hence, subsidy income to be offered to income in year 1. 22
23 Case study 6 Non Monetary grants Company A has received the land worth Rs. 50 lakhs from the Government by just paying Rs. 30 Lakhs only. This will be used for the construction of new plant which will ultimately generate jobs in the society. How this grant will be recognized as per ICDS Balance sheet Asset Grant Net Amount to be shown as per ICDS Accounted for on the basis of their acquisition cost 50 lac -20 Lac 30 Lac No difference in Pre and Post ICDS implication 23
24 Case study 7 - Refund Depreciable asset On April 01, 2015 Co. A has received conditional grant of Rs. 10 crore from Rajasthan Government to procure a plant worth Rs. 25 Crores to be used in manufacturing unit based in Alwar. Life of the plant is 10 years. There was no certainty of the conditions being fulfilled and in the 2nd year Co. A failed to satisfy the condition. 9 crore out 10 crore has been refunded to the Government How this plan should be recognized as per ICDS. Pre ICDS Since there was no certainty that the conditions would be fulfilled, grant should not be recognized in year 1 as it can be argued that there was no reasonable assurance that the A will comply with the conditions attached. Pre ICDS 2015 Grant will be recognized as it can not be postponed beyond receipt WDV Grant Refund Asset after refund 13.5 Crore 9 Crore 22.5 Crore 24
25 3 ICDS: VIII Securities
26 ICDS VIII: Securities Covers only those securities held as stock-in-trade. Businesses to whom ICDS 8 is applicable Indicative list Stock brokers Traders NBFC s Specifically excludes Recognition of interest and dividend on securities. Securities in the business of insurance. Securities of Mutual fund, Venture capital funds, Banks and Public financial institutions. Fair Value means Amount for which an asset could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arm s length transaction. Securities means Securities as defined in section 2(h) of the Securities Contract (Regulation) Act, 1956, and excludes derivatives. 26
27 ICDS VIII: Securities Initial recognition Recognition and initial measurement Recognition at cost of acquisition Purchase price/ actual cost. Directly attributable cost. Adjust pre-acquisition interest and dividend. Cost in case of exchange Fair value of security so acquired Exchanged for securities or for another asset Fair value of securities acquired 27
28 ICDS VIII: Securities Subsequent measurement At the end of previous year Listed Actual cost vs. NRV whichever is lower Unlisted/li sted but not quoted Actual cost Measurement for the following: Shares Debt Securities Convertible Securities Any other securities If cost cannot be specifically attributed to the listed securities could be measured on FIFO basis 28
29 ICDS VIII: Securities ICDS vs AS Criteria ICDS 8 AS 13 Ind-AS Securities Scope Securities Measurement Securities Valuation Only securities held as stock in trade fall within the scope of ICDS 8 and long term investments do not fall under this standard. If Cost cannot be determined under specific identification method, it should be determined either on basis of FIFO / weighted average method. Treated as one group each and the total gain / loss of the category is considered: Shares Debt Convertible Any other AS 13 deals with accounting for investments. Stock-in-trade is outside the scope. In respect of shares, debentures and other securities held as stockin-trade, the cost of stocks disposed of is determined by applying an appropriate cost formula. Valuation done scrip wise cost or NRV whichever is less Requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell nonfinancial items by all entities. All financial assets are classified as measured at amortised cost or measured at fair value. Assets measured at fair values, gains and losses are recognised entirely in profit and loss (FVTPL), or recognised in other comprehensive income (FVTOCI) 29
30 4 ICDS: VIII Securities Case study
31 Case Study on ICDS VIII: Securities Shares Cost NRV Valuation as per AS 13 Lower of cost or NRV - Individual scrip wise ABC Ltd XYZ Ltd PQR Ltd EFG Ltd LMN Ltd Valuation as per ICDS Lower of cost or NRV - Category wise Total Impact: Category wise valuation results into accelerated taxation since appreciation in the value of certain securities will be set off against diminution in the value of other securities. 31
32 ICDS VIII: Securities - Development AS- 13 Pre-acquisition Interest ICDS VIII AS 13 and ICDS on securities both require that receipt of interest to be deducted from the actual cost to the extent attributable to pre-acquisition period. Apex court in the case Vijaya Bank (187 ITR 541), the assessee purchased securities. It was contended that the price paid for the securities was determined with reference to their actual value as well as the interest which had accrued on them till the date of purchase. It was held that the amounts claimed by the assessee as deduction were not shown to have been expended for the purpose of realising the interest and, were, therefore, not allowable as deductible expenditure. However, as per the Bombay High Court decision in the case of American Express International Banking Corpn. v. CIT [2002] 125 Taxman 488 (Bom.), it was held that if income from securities is taxed under PGBP, department ought to have taxed interest received from broken period and allow deduction of interest paid for broken period. 32
33 ICDS VIII: Securities - Convertible debentures Convertible securities has been recognised as a separate category under ICDS So long as convertible debentures are not converted into shares, valuation will be under separate category of convertible securities When convertible debentures are converted into shares, the valuation of shares will move into separate category i.e. of shares Issue will arise on how conversion should be treated for tax purposes and how cost should be computed for shares acquired on conversion of debentures 33
34 ICDS VIII: Securities - Convertible debentures - Cont. In case of capital gains, in view of specific provisions u/s 47(x) and 49(2A), the conversion is exempt from capital gains and cost of debentures is substituted as cost of shares In case of business income, two views are possible: View - 1: The conversion may be regarded as exchange and the fair value of shares acquired may be regarded as cost. View - 2: Conversion is not equivalent to exchange since there is an extinguishment of debentures. Since ICDS is silent, it may be treated as tax neutral event and actual cost of debentures may be substituted as actual cost of shares. 34
35 5 ICDS: II Valuation of Inventories
36 ICDS II - Valuation of Inventories Scope Deals with the valuation of inventories Not applicable to valuation of inventories in the following cases: - Work-in-Progress arising under construction contracts or dealt with by other ICDS - Shares, debentures and other financial instruments held as stock-in-trade which are covered in ICDS 8 - Inventories of livestock, agriculture and forest products, mineral oils and gases - Machinery spares used in connection with fixed assets and having irregular use Ind-AS 2 Specific exclusion is provided to commodity brokers/traders who are measuring their inventory at fair value less cost to sell. 36
37 ICDS II - Valuation of Inventories Scope Inventories are assets: Held for sale* in the ordinary course of business In the process of production for such sale In the form of materials or supplies to be consumed in the production process or in the rendering of services 37
38 ICDS II - Valuation of Inventories Cost of Inventories Cost ICDS specifies following as components of Cost of inventories Cost of inventory Cost of purchase Cost of service Cost of conversion Other cost incurred Borrowing costs attributable to inventories that require >=12 months to bring them to saleable condition as provided under ICDS 9 will have to be inventorized. Exclusions from cost - Abnormal amount of material/labor cost - storage costs, unless necessary in production process prior to a further production stage - indirect administration overheads, and - selling costs and distribution costs 38
39 ICDS II - Valuation of Inventories Cost of purchase Cost of services (in the case of a service provider shall) Particulars Amount Particulars Amount Purchase price xx Labour cost xx Duties and Taxes (no exclusion of CENVAT) Freight inward and other expenses directly attributable to acquisition Less: Trade discounts, rebates and similar items Cost of purchase xx xx xx xx Supervisory personnel cost Attributable overheads Other cost of personnel directly engaged in providing the service Cost of services xx xx xx xx Cost of conversion Other cost Particulars Amount Particulars Amount Cost directly related to units of production Systematic allocation of: Fixed production overheads xx xx xx Costs incurred in bringing the inventory to their present location and condition Other cost xx xx Variable production overheads xx Cost of conversion xx 39
40 ICDS II - Valuation of Inventories Particulars Measurement Cost of inventories Cost of purchase Cost of conversion As prescribed in ICDS Cost or Net Realizable Value ( NRV), whichever is less Cost of purchase + Costs of services + Costs of conversion + Other costs incurred to bring inventories to their present location and condition Borrowing costs attributable to inventories that require >=12 months to bring them to saleable condition will have to be inventorised Purchase price + duties & taxes + freight inward + attributable expenditure rebates, trade discounts. ICDS prescribes that duties and taxes (even those subsequently recoverable) included in cost of purchase, which is in line with section 145 A for Accounting for Duties and Taxes Cost Directly related to units of production + Systematic allocation of Variable production overheads and Fixed production overheads Amount of Fixed production overheads allocated to each unit cannot decrease on account of fall in production. In such case, excess fixed production overheads to be charged off as expense in that period. 40
41 ICDS II - Valuation of Inventories Particulars Cost of services Cost exclusions Cost Formulae As prescribed in ICDS Labour and other personnel directly engaged in providing service including supervisory and attributable overheads Abnormal wastages + Storage costs, unless necessary for further production + Administrative overheads + Selling costs and distribution cost Specific Identification Method (applicable for non interchangeable items goods produced & segregated for specific project ) First in First Out Method ( FIFO ) /Weighted Average Cost ( WAC ) Method/ Standard Costing/Retail method Disclosure requirements The accounting policy adopted in measuring inventories including cost formulae used; Total carrying amount of inventories and its appropriate classification; and Where Standard Costing has been used as a measurement of cost, details of such inventories and a confirmation of the fact that standard cost approximates the actual cost. 41
42 ICDS II - Valuation of Inventories Value of Opening Inventory New Business - Cost of inventory available on the day of commencement of business Continuing Business - Value of closing inventory at the end of the immediately preceding previous year Change of Method of Valuation of Inventory Method of valuation once adopted shall not be changed without reasonable cause In case of dissolution of a partnership firm or AOP or BOI, notwithstanding whether business is discontinued or not, the inventory on the date of dissolution shall be valued at NRV Transitional Provisions Interest and other borrowing costs, which do not qualify to be a part of inventory valuation as per the standard but is a part of the opening value of inventory, shall be taken into account for determining cost of closing inventory of period beginning on or after April 1, 2016 if it continues to remain part of inventory 42
43 ICDS II - Valuation of Inventories Particulars As per ICDS 2 As per AS-2 As per Ind AS 2 Cost of services Included in cost of inventories No specific mention in AS-2 Exclusive vs inclusive method of accounting Observations: Value of inventories to include all taxes and duties, whether recoverable in future or not Value of inventories to exclude duties and taxes recoverable in the future Duties/taxes recoverable by from the tax authorities to be included in valuation of inventory In line with section 145A (refer Explanation to section 145A) Other costs includible in the value of inventories Observations: ICDS 2 does not specifically exclude distribution cost in the value of inventories Distribution costs, if any, be included in cost of inventory AS-2 excludes distribution costs in the value of inventories No Specific mention in Ind AS 2 - Ind AS similar in this respect to ICDS 2 43
44 ICDS II - Valuation of Inventories Particulars As per ICDS 2 As per AS-2 As per Ind AS 2 Value of Inventory at the beginning of the previous year Valuation of Inventory Interest and other borrowing costs Observations: New business - Cost at the day of commencement of business Continuing business value of closing inventory at the end of preceding previous year Interest and other borrowing charges shall be inventorised as per ICDS 9 Such costs shall be included in the cost of inventory There is no such specific provision Usually, not covered in AS-2 - Usually, not covered in Ind AS-2 44
45 ICDS II - Valuation of Inventories Particulars As per ICDS 2 As per AS-2 As per Ind AS 2 Valuation of inventories in certain case of dissolution Observations: Notwithstanding whether business is discontinued or not, the inventory on the date of dissolution shall be valued at the net realisable value# As per SC in Sakthi Trading Co and other judicial precedents: dissolution + discontinuation = market value No such provision dissolution + continuation = lower of cost or market value Whether the above law still prevails? No? Notwithstanding whether business is discontinued or not, the inventory on the date of dissolution shall be valued at the net realisable value# 45
46 ICDS II - Valuation of Inventories Particulars As per ICDS 2 As per AS-2 As per Ind AS 2 Scope Exclusion of Shares, Debentures and other Financial Instruments held as Stock-in-trade Excluded only if covered under ICDS 8 Unconditional exclusion - 46
47 6 ICDS: II Valuation of Inventories Case study
48 Case study I Valuation of Opening Inventory ABC Ltd. Opening stock valued as per FIFO method Valuation- Weighted Average Method Closing Stock Treatment under ICDS ABC Ltd. changed its valuation method to weighted average method ABC Ltd. valued its stock at FIFO method since so many years AO asked the tax payer to follow the weighted average method for opening stock as well AO is not correct in asking the tax payer to change the method of valuation for opening stock as per ICDS 2 48
49 Noopur Agashe: A Brief Profile Noopur Agashe Director Corporate and International Taxation Office : + 91 (124) Mobile: : noopur.agashe@in.pwc.com Noopur Agashe is a Director in PwC s Tax and Regulatory Services team and has over 13 years of extensive professional experience in advising large Indian and multi national clients in income tax matters, assisting in tax compliances and providing litigation support services. Noopur has worked with companies in the technology, mining, retail and automotive industries. Her core expertise includes providing direct tax compliance and litigation support and advising on domestic and international tax matters Noopur holds a graduate degree in Commerce and is a member of the Institute of Chartered Accountants of India.
50 Amit Agarwal: A Brief Profile Amit Agarwal Associate Director Corporate & International Tax, PwC India Office : + 91 (124) Mobile: : Agarwal.amit@in.pwc.com Amit Agarwal is an Associate Director in PwC s Corporate & International Tax Services team and has around 7 years extensive professional experience in advising large Indian and foreign clients in income tax matters, assisting in tax compliances and providing litigation support services. Amit s domain of expertise are: Direct Tax Compliance and Advisory International Tax and advising on cross border transactions (both inbound and outbound) Direct Tax litigation support Tax Due Diligence India entry and exit strategy Amit is a commerce graduate from University of Delhi and is a member of the Institute of Chartered Accountants of India.
51 Thank you All views expressed in the presentation are personal in nature
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