TDS and capitalisation
This query is : Resolved
20 February 2008
1)How we will deduct TDS on a composite bill of supply and service : -Where supply and services within bill are not biforcated -Where supply and services within bill are biforcated
2)How will we capitalised Insurance,registration fee and accessories expenses of a new vehicle which are not included in the original bill and the bill date are different.
1)How we will deduct TDS on a composite bill of supply and service : -Where supply and services within bill are not biforcated -Where supply and services within bill are biforcated
2)How will we capitalised Insurance,registration fee and accessories expenses of a new vehicle which are not included in the original bill and the bill date are different.
CA. GOPAL SONIKA
(Expert)
20 February 2008
TDS will be deducted on the total amount (including goods) if the bill is a single bill. But in case bill for goods anf services are different, TDS will be deducted only on the service bill.
20 February 2008
IF THE BILL IS COMPOSITE BILL AND NOT BIFURCATED THAN TDS IS REQUIRED TO BE DEDUCTED ON BILL AMOUNT INCLUSIVE OF BOTH SUPPY AND SERVICE
INSURANCE FOR VECHILE IS PAID FOR A YEAR AND NOT FOR LIFETIME THEREFORE IT IS REVENUE EXPENDITURE AND IS NOT REQD TO BE CAPITALISE.AS FAR AS REGISTRATION EXPENSES ARE CONCERNED IT SHOULD BE CAPITAlISED
INSURANCE FOR VECHILE IS PAID FOR A YEAR AND NOT FOR LIFETIME THEREFORE IT IS REVENUE EXPENDITURE AND IS NOT REQD TO BE CAPITALISE.AS FAR AS REGISTRATION EXPENSES ARE CONCERNED IT SHOULD BE CAPITAlISED
jegannath G
(Expert)
20 February 2008
Even if it bifurcated in the bill or not. TDS is to be deducted from the bill amount.
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