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Tratment of custom duty paid

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CS ,CMA Shambhu Kr. jha (Querist)
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08 September 2011
Dear sir/Madam
i want to know that what will be accounting entries for custom duty paid on importing of a machinery .
Either it need to be capitalized .or it will reflect in profit and loss account .

As per my understanding whatever credit we will get for cvd is our asset and should shown in asset side of balance sheet .

And actual amount paid for custom duty need to be capitalised . But again a question struck in my mind . After capitalising custom duty we will calculate depreciation on custom duty also . It will be just like write off of depreciation .
Either it will be allowable under Income Tax Act .

with thanks

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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08 September 2011 sir,

please open the below mentioned link:

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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08 September 2011 https://www.caclubindia.com/share_files/export-import-accounting-entries-37679.asp

for any query, ask this club eminent expert will assist you in the said matter.

thanks,

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