HI Frends,
Our Co. purchased two Fire Proximity suit(used for fighting with fire) of Rs. 70000 each. Should we capitalise it or charged to revenue?
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 03 March 2015
Dear Frnd
It's a Capital expenditure that will generate benefit for many yaers in future.
In other words any expenses inccured for INR 5000 or more and that will generate benefit in two or more year will be capitalized in the year in which expenses inccured.
Soumyayan
(Service)
(72 Points)
Replied 03 March 2015
Under Which Class as per New Co. Act 2013 it should be capitalised?
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