TAX IMPLICATIONS ON SOFTWARE PURCHASE
This query is : Resolved
14 June 2011
OUR CLIENT HAS PURCHASED A SOFTWARE ON WHICH MAHARASHTRA SALES TAX AND SERVICE TAX IS CHARGED
PLS TEELL THE TAX IMPLICATIONS OF THE ABOVE PURCHASE OF SOFTWARE
PLS TEELL THE TAX IMPLICATIONS OF THE ABOVE PURCHASE OF SOFTWARE
14 June 2011
In your case you have to capitalise the purchse amount of software as per AS 26.If you do not avail any input credit for sales tax and service tax, then you need to capitalise the software for the full amount including taxes.
Regards
Abhisek Tosniwal
Regards
Abhisek Tosniwal
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14 June 2011
and while making the payment for the above software should we make the full payment ???
14 June 2011
Yes,When you need to make the full payment,then only you can capitalise the full amount.
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