Fixed Assets
This query is : Resolved
05 November 2008
If there is import of fixed assets & such fixed assets are lying in bonded warehouse.
how such assets will be treated in books of accounts?
whether such assets will be shown as fixed assets since risk & reward are transferred by vendor.
what about depreciation as per income tax act & companies act.
how such assets will be treated in books of accounts?
whether such assets will be shown as fixed assets since risk & reward are transferred by vendor.
what about depreciation as per income tax act & companies act.
05 November 2008
AS assets lying under bonded warehouse. They will be exibitted as Capital WIP. No depreciation is applicable pending installation.
05 November 2008
In case the transaction is complete in terms of the purchase order and the same has been recognised for accounting purposes, treat it Capital WIP. As and when the same is installed and ready for use(put to use as per Income Tax), the depreciation may be charged
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Free lancer income
- Last year TDS Claim
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
