fixed assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 June 2010 if the fixed assets purchase bill includes vat on purchase of f.a. and other tax e.g. exise custum etc.. than what amount should be carry forward for that assets? whether gross amount is carry in chart of deprecation (gross amount means inclusive of all taxes on purchase ) or only net purchase amount is carry
plz help me...............
e.g fixed asstes bill of rs.10150 in that amount vat of rs.150 is also include than to shwoing the addition in assets during the year in deprecation chart what amount carry...
plz reply

Shyam Lal Naik

Shyam Lal Naik (Expert)
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08 June 2010 If you are eligible for credit of the tax, ie. VAT and/or Excise duty, it shall be excluded from the value of fixed assets.

Else, Rs. 10150/- shall be shown as addition to fixed assets.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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08 June 2010 agreed, Fixed asset is capitalized net of taxes of which you can take credit.

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