prepaid exps
This query is : Resolved
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
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
28 November 2009
My option is Rs.12,200/-
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.
Taxes are statutory payments made compulsorily at the time of purchase.
Then why they should also be treated as prepaid expenses.
28 November 2009
I am not spliting up the payment as statutuory or otherwise. I take the total cost and apportion it date wise.
29 November 2009
Please note that total exp to company is Rs 12200. So take this figure only
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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