Capitalization
This query is : Resolved
13 July 2011
Dear friends..
My query is very simple regarding capitalization of certain expenditure. While purchasing a machine, i.e., import of a machinery, do we capitalize the customs duty paid for it?? All the other expenses related to the installation, etc are capitalized but what about the customs duty paid? is it to be treated as an expense or should it be capitalized?
Waiting for a reply...asap..
My query is very simple regarding capitalization of certain expenditure. While purchasing a machine, i.e., import of a machinery, do we capitalize the customs duty paid for it?? All the other expenses related to the installation, etc are capitalized but what about the customs duty paid? is it to be treated as an expense or should it be capitalized?
Waiting for a reply...asap..
13 July 2011
all expenses upto put to use of fixed assets shall be capitalised and custom duty also would be capitalised
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
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- U/s 44AD of Income tax
- LIC Annuity received under Jeevan Akshay Scheme
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
