A Machinery was purchased which is not a qualifying asset as per AS 16. A loan was obtained to purchase the machinery. While the loan was obtained, Stamp Duty Charges were incurred.

Pls clarify whether the Stamp Duty Paid for obtaining loan can be capitalised?
or
stamp duty charges can be treated as borrowing costs and accordingly charged to P&L Account as the machinery is not a qualifying asset?

If your answer is "Yes, You can capitalise", Pls consider the following points.

As per AS 10, any costs directly attributable to bringing the asset to its working condition for its intented use, can only be capitalised.

And finance and borrowing costs (Ancillary costs such as Stamp Duty, Processing Charges, etc. are also included in the finance & borrowing cost )can be capitalised and included as an element of cost of Fixed Asset, provided the asset is qualifying asset under AS 16.

In the above case, the asset is not a qualifying asset. How can i capitalise?

plz support your answer with proper supportings

Whether TDS is applicable on Medcine purchase by Distt Health Socitey for free distribution in Govt Hospital u/s 194C.

Dear Sir/Madam,
we are in Exports and pay service tax against our export is around 2,00,000/- per annum

we also get income from rent and get service tax of Rs. 3,00,000/- per annum

now we want to adjust this amount in our Return
can we pay 100000/- (300000-200000)
then how to make return

is there any limit for applying service tax no. for any sevice provider.
or it is always neccessary for a service provider to apply for service tax no.

Sir,
I have query regarding on entry of salary, the eg entry is as follows.

salaries to staff 10 Dr
salary payable 6 Cr
ESIC emplyees cont 1 Cr
PT payable 1 Cr
Mobile expense 1 Cr
recoveries from staff 1 Cr

my query is regarding crdit given to 'recoveries from staff' .this deduction from salary is on account of non performance of employess or any other reason .
After passing this entry 'recoveries from staff' will reflect on crdit side of P&L, will this is correct ?
Is I am passing correct entry ?, or there is any other possiblity or entry is available plz guide me & show me some eg entries.
- thanks

Indivisual (HUF ) receive a gift from Indivisual mama means Parent brother than cover under relative

Brief HUF receive gift from Indivisual Relative

Thanks In advance

what is impairment of assets?

HELLO FRNDS,

1. WHEN WE ATTACH THE ANNUAL RETURN, IT SHOULD BE 1ST CONVERTED INTO PDF AND THEN SHOULD BE ATTACHED. AM I RIGHT???
2. IN CASE OF 23AC ,2.5MB SHOULD BE THE FILE SIZE. WHT ABT IN CASE OF 20B??? IS THERE ANY RESTRICTION WITH RESPECT TO FILE SIZE?????

AWAITING FOR UR REPLY

Thanks in anticipation
Sangita.

HELLO FRNDS,

1. WHEN WE ATTACH THE ANNUAL RETURN, IT SHOULD BE 1ST CONVERTED INTO PDF AND THEN SHOULD BE ATTACHED. AM I RIGHT???
2. IN CASE OF 23AC ,2.5MB SHOULD BE THE FILE SIZE. WHT ABT IN CASE OF 20B??? IS THERE ANY RESTRICTION WITH RESPECT TO FILE SIZE?????

AWAITING FOR UR REPLY

Thanks in anticipation
Sangita.

I have two houses. One is vacant and other is let out. I had taken loan from bank for the purpose of acquiring both the properties. I am claiming interest expense as deduction for first house, subject to max. limit of Rs.1.5 lacs p.a. Can i claim interest as deduction for second house? If so, is there any limit? Can the loss under second property be set off against salary income. Pl. clarify. Thanks. Rgds, Srinivas