Discount on purchase of fixed asset
This query is : Resolved
11 June 2012
Mr. X has purchased a Mini Bus which has been shown in the Balance Sheet as an Addition to the 30% Block of Assets. He has received a discount of Rs. 1 lakh on the Cost price of Rs. 15 Lakhs ie. payable price is Rs. 14 Lakhs.
Now in the Addition of Assets schedule of the Tax Audit Report, how should I show it?
And is it necessary to show the Discount Amount in the Depreciation Statement?
Now in the Addition of Assets schedule of the Tax Audit Report, how should I show it?
And is it necessary to show the Discount Amount in the Depreciation Statement?
12 June 2012
you can show it under sales/adjustment during the year, its compulsory to show in depreciation schedule
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