Depreciation on government grants

Depreciation wud be re-calculated on the revised cost after deduction of grant from the original cost of the asset as on  the date of purchase.  Any excess/short depreciation wud be dr/cr to P&L.

Agree with Giridhar S

Non Filing of ST Return -Penalty Provision 

Earlier -                               Max. upto    2000/-

Now i.e  from 1/10/2011  max . upto 20000/-

As provision is applicable from 01/10/2011 & not with retrospective effect ,it seems that on returns covring time period before  01/04/2011,old provisions will be applicable .

Hi Amit,

The penal provision existing during the period 2007-08 will be applicable for deafult occured in F.Y. 2007-08.

PROVISIONS RELATING 2 RELEVANT YEAR OF DEFAULT WILL APPLY

sorry to say all of you are wrong. go to this link and read..../articles/late-fee-and-penalty-for-delayed-filing-of-st-3-returns-10787.asp

Best regards

Piyush Bothra (C.A.)

Proprietor of Piyush Bothra & Associates, Mumbai

bothra_piyush @ yahoo.com, 9870956369

Sorry Piyush,

But you are wrong in this... panelty provision sgud only related to fy 2007-2008

see this page....

https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=3266

There may be various view points on this.

The service tax officer in charge took this stand in some of the cases I did. They said it is the date on which return filed, relevant and not the date or year of which return is to be filed, relevant. The law has no clarification of this.

Best regards

Piyush Bothra (C.A.)

Proprietor of Piyush Bothra & Associates, Mumbai

bothra_piyush @ yahoo.com, 9870956369

How to calculate deferred tax asset in this case where you get a grant? and please provide some examples