capitalization of exps.
This query is : Open
07 July 2009
There is one manufacturing unit in which flooring work was done for the very first time since the establishment.. Before the flooring was done there was barren land n there was no use of such space except for parking.After flooring work done on such space there was much utilization of it such as for storing material and running of hydra crane..the cost of Flooring amounts to Rs. 30 lacs..
Whether such flooring should be debited to profit and loss A/c or it should be capitalised to factory building...If any judgement is there , then plz provide for the same...
Whether such flooring should be debited to profit and loss A/c or it should be capitalised to factory building...If any judgement is there , then plz provide for the same...
07 July 2009
Hi,
Yes after 1.4.2009 Nil TDS returns are also to be filed.
Yes after 1.4.2009 Nil TDS returns are also to be filed.
11 July 2009
Dear Roshan,
The flooring work is to be capitalised. firstly, its not of the nature of repair and it is a new construction and also enhances the utility of land and can be capitalised under the head Factory building as open stock yards are also part of factory building.I am not having any case reference immediately but later on i will communicate u.
The flooring work is to be capitalised. firstly, its not of the nature of repair and it is a new construction and also enhances the utility of land and can be capitalised under the head Factory building as open stock yards are also part of factory building.I am not having any case reference immediately but later on i will communicate u.
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
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Section 50-fixed asset-->building ceases to exist
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Regime change
- Consolidated financials
- 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
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
