Depriciation
This query is : Resolved
CA SONI KRUNAL
(Querist)
28 August 2010
One of my client has Installed a Wind Mill in March 2010, However the same was shown as Capital Work in Progress in Audited Balance sheet of 31/03/2010.
Now it has been transferred to Fixed Assets account on 12/07/2010. Rs.6,38,77,928 which includes the Amount of Duties & Taxes Paid on it is as follows
Input VAT @ 4%-393409
ADDITIONAL INPUT VAT-98351
Bank Charges-40
SERVICE TAX CENVAT BASIC - 841193
SERVICE TAX CENVAT E.CESS - 16824
SERVICE TAX CENVAT S&H CESS -8412
Please guide about income tax depreciation and co law depriciation
Now it has been transferred to Fixed Assets account on 12/07/2010. Rs.6,38,77,928 which includes the Amount of Duties & Taxes Paid on it is as follows
Input VAT @ 4%-393409
ADDITIONAL INPUT VAT-98351
Bank Charges-40
SERVICE TAX CENVAT BASIC - 841193
SERVICE TAX CENVAT E.CESS - 16824
SERVICE TAX CENVAT S&H CESS -8412
Please guide about income tax depreciation and co law depriciation
Aditya Maheshwari
(Expert)
28 August 2010
Take input of taxes above which is related to your business like service tax or VAT and balance would be your cost on which depreciation will be charged.
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