St payment on receipt basis

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Querist : Anonymous

Querist : Anonymous (Querist)

10 January 2016 Dear Experts, we are service provider having turnover below 50 lacs, plzz clarify can we pay st on receipt basis also provide the Notofication/clause for the same... Regard Anant Kumar

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 January 2016 Yes it can be paid on receipt basis. Notification 3/2012 ST.

Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2016 sir are you 100% sure.... actually i was depositing ST on receipt basis but now my CA has said ST payment on receipt basis has been stop..... plz clarify.....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 January 2016 I am sure ask your CA the notification.

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2016 sir plz guide me on following query.. A proprietor has sold his car Rs. 100000 and WDV of this car was 95000 that means the loss of 5000 and now the proprietor has purchased new car Rs. 469670.. 1) plzz tell me the accounting treatment of both the car included loss of 5000/- plzz reply... it's really urgent.....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 February 2016 Capitalize the new car and charge off the loss on old car.

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2016 sir the car was sold on 25/3/2016 Rs. 100000/- and the WDV was 95000 on 1/4/2015 that means loss of Rs. 5000/- but sir this loss is not deductable in income tax then how to consider this loss plzz provide the accounting entry considering the loss....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 February 2016 Debit it to capital account.

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2016 sir can we charge depreciation on sold car if yes on 95000 or 100000

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 February 2016 No depreciation can be charged on sold car.

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2016 sir some CA has said the new car is also purchased then dep. can be claimed.. WDV-sale value New car... in this dep. can be charged is it right...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 February 2016 What they say is right in case of Block of assets.

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2016 sir in this case dep. can be charged... WDV of sold car was 100000 and car is sold in 95000, the loss is 5000 then New car is purchased Rs. 469670.. i.e.100000-95000 469670 it is 474670/- sir do we need to charge dep. on 474670.. if not then on which amount...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 February 2016 In case of block of asset you need to charge depreciation on 474670.

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