Fixed asset
This query is : Resolved
20 September 2013
Thus counter vailing duty also included in value of Assets?
Ganeshbabu K
(Expert)
20 September 2013
yes,,all non refundable taxes paid will form part of fixed asets
CA Pallav Singhania
(Expert)
20 September 2013
Agree with Expert completely,
According to AS 10 the purchase price of the asset includes the amount of non-refundable taxes i.e. such taxes which cannot be claimed back are capitalized and are included in the cost of the asset at the time of purchase.
All other duties and taxes which cannot be offset or claimed for deduction or refund will be capitalized as cost of the asset at the time of purchase.
According to AS 10 the purchase price of the asset includes the amount of non-refundable taxes i.e. such taxes which cannot be claimed back are capitalized and are included in the cost of the asset at the time of purchase.
All other duties and taxes which cannot be offset or claimed for deduction or refund will be capitalized as cost of the asset at the time of purchase.
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