all
we have chemical factory & we purchase building material ( Cement, Bricks & other) for repairing factory building building material supplier charge sale tax on building material. If we treat this purchsae as Expenses so what is the retention rate on this purchase
Dear lakhpati
You cannot treat the purchase of building material as an expense.
You will need to capitalize the same under the head factory building.
You will potray the purchases as RD purchases not eligible for set off ...
Also, no set off available for purchases resulting into immovable property .....
Ok...
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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