Imported fixed assets accounting
This query is : Resolved
03 September 2013
Custom Duty@7.5%& Cess
CVD@12% & Cess
Import Duty@ 4%
BE Date
1.at what amount capital assets should be capilised in BOA
2.Assessee has claimed and taken 50% input of custom duty.
3.What should be the treatment of frieght paid in india and abroad
4.what should be the dates for calculations of Forex Gain.
CVD@12% & Cess
Import Duty@ 4%
BE Date
1.at what amount capital assets should be capilised in BOA
2.Assessee has claimed and taken 50% input of custom duty.
3.What should be the treatment of frieght paid in india and abroad
4.what should be the dates for calculations of Forex Gain.
03 September 2013
Ans 1 and 2. Refundable taxes should not be capitalised.
3.it shall be added to cost if incurred before bringing it to location for use.
4.date of purchase,any additions made, foreign technicians paid if any, bal sheet etc.
3.it shall be added to cost if incurred before bringing it to location for use.
4.date of purchase,any additions made, foreign technicians paid if any, bal sheet etc.
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