Entry tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2014
Dear Professionals,
We are the contractors. we use the machineries regularly on which we have paid entrytax. such entry tax treated as capital expenduture? or revenue expenduture? please clarrify
We are the contractors. we use the machineries regularly on which we have paid entrytax. such entry tax treated as capital expenduture? or revenue expenduture? please clarrify
18 December 2014
As per AS 10, all expenditure incurred to put the asset to use is to be capitalised. So entry tax paid to bring the asset to the place of its use is to be capitalised.
Thanks!
Thanks!
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