Entry tax
This query is : Resolved
03 April 2015
Dear All,
My query is regarding the accounting of entry tax.
1) The client is booking the entry tax as expense under Repair & Maintainence and not under the cost for the product purchased. Is the accounting treatment correct or whether there should be any separate head for entry tax ?
2) Whether entry tax will be booked on purchase basis or consumption basis ?
Kindly clarify.
My query is regarding the accounting of entry tax.
1) The client is booking the entry tax as expense under Repair & Maintainence and not under the cost for the product purchased. Is the accounting treatment correct or whether there should be any separate head for entry tax ?
2) Whether entry tax will be booked on purchase basis or consumption basis ?
Kindly clarify.
03 April 2015
rep and main is a wrong head in mah view.. it should b inculuded in the cost of the product purchased....
u can include it in purchase price so that it wil automatically booked as expenses on consumption basis
u can include it in purchase price so that it wil automatically booked as expenses on consumption basis
03 April 2015
If that is the case, then the liability of paying entry tax would arise when the consumption is booked and not when the purchases are made. Will this case, attract any penalties against statutory non-violations ?
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
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Cloud service
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Applicability of RCM on Frieght Inward supplies received from un-registered person
- GST on Fresh Juice Center(Sugarcane)
- Sale of Gold ornaments
- GST ON FOREIGN CLIENT
- Can we issue an invoice today
- SALE OF GOODS FROM OTHER STATE
- Ca final exam registration may-26
- Expenses add back in profit
- Forgot to update debit note in gst
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
