Capital Goods
This query is : Resolved
28 October 2009
Hi
I will be grateful who will give me the correct suggestion on my doubt-
I, Prashant D Mane, Newly Joined a Pvt. Ltd. Company. Company is a manufacturer of Machineries used in News Paper Industry. As the Machineries being used in a news paper industry, the co. charges MVAT @ 4% on its sale. The co. justify that it is a capital expenditure for any Newspaper Industry therefore the machineries falls under "Capital Good" Schedule entry.
Is it right or wrong ?
Pls. Reply
I will be grateful who will give me the correct suggestion on my doubt-
I, Prashant D Mane, Newly Joined a Pvt. Ltd. Company. Company is a manufacturer of Machineries used in News Paper Industry. As the Machineries being used in a news paper industry, the co. charges MVAT @ 4% on its sale. The co. justify that it is a capital expenditure for any Newspaper Industry therefore the machineries falls under "Capital Good" Schedule entry.
Is it right or wrong ?
Pls. Reply
28 October 2009
Hi Prashant,
Schedule C shows the item attracts 4% Vat and I could not find any machinary except agricltural machinary.
News print and Paper is taxable @ 4% bit that does not mean that anything used for production of News print will also be taxed @ 4 %. I suggest you to have a look at Schedule C and then decide.
In my opinion it is wrong.
Schedule C shows the item attracts 4% Vat and I could not find any machinary except agricltural machinary.
News print and Paper is taxable @ 4% bit that does not mean that anything used for production of News print will also be taxed @ 4 %. I suggest you to have a look at Schedule C and then decide.
In my opinion it is wrong.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Experts need help
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
