Stock
This query is : Resolved
P dandekar
(Querist)
25 February 2012
Sir,
WE ARE HAVING STOCK OF COMPUTER PARTS RS.100000/-(APROX)SINCE 2005 WHICH IS TOTALY ABSOLETE.
I HAD ASKED MY COMPANY CA TO W/OFF AS THESE STOCKS ARE OUTDATED AND SIMPLY LYING IN OUR ACCOUNTS WHICH HE IS RELUCTANT TO DO SO.
DO WE HAVE TO PAY VAT ON SCRAP ITEMS.
I WANT TO KNOW HOW TO ADJUST THESE STOCK.
THANKS & REGARDS.
pDANDEKAR
WE ARE HAVING STOCK OF COMPUTER PARTS RS.100000/-(APROX)SINCE 2005 WHICH IS TOTALY ABSOLETE.
I HAD ASKED MY COMPANY CA TO W/OFF AS THESE STOCKS ARE OUTDATED AND SIMPLY LYING IN OUR ACCOUNTS WHICH HE IS RELUCTANT TO DO SO.
DO WE HAVE TO PAY VAT ON SCRAP ITEMS.
I WANT TO KNOW HOW TO ADJUST THESE STOCK.
THANKS & REGARDS.
pDANDEKAR
CA Hardik Bunha
(Expert)
25 February 2012
no you need not pay to vat on this stock.
It is good to remain this stock into your book of account. it mean depreciation will be claimed.
It is good to remain this stock into your book of account. it mean depreciation will be claimed.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
