prepaid exps

This query is : Resolved

CA. Jyoti Baid (Querist)
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28 November 2009 Respected all,

The bill of maintenance expenses shows Rs. 10000 as gross amount, Rs. 1000 as Service tax, Rs.1200 as VAT. Total- Rs.12200 for the period Dec,09 to Dec,10.

The company doesnot take Cenvat Credit OR VAT input credit.

So, prepaid expenses will be calculated on Rs. 10,000 or Rs. 12200 for the period April,10 to Dec,10.

Regards,
Jyoti

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 November 2009 My option is Rs.12,200/-

CA. Jyoti Baid

CA. Jyoti Baid (Querist)
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28 November 2009 Thankyou for the reply.
Taxes are statutory payments made compulsorily at the time of purchase.

Then why they should also be treated as prepaid expenses.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 November 2009 I am not spliting up the payment as statutuory or otherwise. I take the total cost and apportion it date wise.

CA. Rishabh Mittal

CA. Rishabh Mittal (Expert)
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29 November 2009 Please note that total exp to company is Rs 12200. So take this figure only

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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29 November 2009 Expenditure means it does not matter about VAT & Service Tax you have to take full amount as expenditure.

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