Insurance
This query is : Resolved
Sushant Panigrahi
(Querist)
11 March 2008
1)Suppose i am an insurance company &
2)i am settling a claim on behalf of damaged Motor Vehicle whose historical cost is say 5 lakhs, and i am settling the claim at 2.5 lakhs, in excchange of that damaged car.
3)When i sale the damaged car i will realised only Rs 10000,what will be the cost of the vehicle for charging VAT, Is it 2.5Lakhs or RS 10000
2)i am settling a claim on behalf of damaged Motor Vehicle whose historical cost is say 5 lakhs, and i am settling the claim at 2.5 lakhs, in excchange of that damaged car.
3)When i sale the damaged car i will realised only Rs 10000,what will be the cost of the vehicle for charging VAT, Is it 2.5Lakhs or RS 10000
11 March 2008
RS.10000/-
Sushant Panigrahi
(Querist)
11 March 2008
How As per VAT Law Cost of Sale Should be more than the Cost of Purchase, if the cost of sale is undervalued then cost of sale should be taken at historical price of the goods/items
Sushant Panigrahi
(Querist)
12 March 2008
a
pushpendra
(Expert)
13 March 2008
For VAT Purpose It will be Rs. 10000.00
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
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Movement of goods by packers and movers - type of sale - Reg.
- Missed uploading GST Invoice
- Closer of business and itc of capital goods
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Gratuity paid to legal heir above 20 lakh is taxable or not
- TDS Return Statement Status
- Appointment of Auditor By Form ADT-1
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
