Tratment of custom duty paid
This query is : Resolved
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
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
08 September 2011
sir,
please open the below mentioned link:
please open the below mentioned link:
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,
for any query, ask this club eminent expert will assist you in the said matter.
thanks,
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