28 August 2010
One of my client has Installed a Wind Mill in March 2010, However the same was shown as Capital Work in Progress in Audited Balance sheet of 31/03/2010.
Now it has been transferred to Fixed Assets account on 12/07/2010. Rs.6,38,77,928 which includes the Amount of Duties & Taxes Paid on it is as follows Input VAT @ 4%-393409 ADDITIONAL INPUT VAT-98351 Bank Charges-40 SERVICE TAX CENVAT BASIC - 841193 SERVICE TAX CENVAT E.CESS - 16824 SERVICE TAX CENVAT S&H CESS -8412
Please guide about income tax depreciation and co law depriciation
28 August 2010
Take input of taxes above which is related to your business like service tax or VAT and balance would be your cost on which depreciation will be charged.
CAclubindia
