Stock
This query is : Resolved
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I HAD ASKED MY COMPANY CA TO W/OFF AS THESE STOCKS ARE OUTDATED AND SIMPLY LYING IN OUR ACCOUNTS WHICH HE IS RELUCTANT TO DO SO.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I HAD ASKED MY COMPANY CA TO W/OFF AS THESE STOCKS ARE OUTDATED AND SIMPLY LYING IN OUR ACCOUNTS WHICH HE IS RELUCTANT TO DO SO.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
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.
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