MANISH MAHENDRA SANGHVI (DGM - Accounts and MIS) (24 Points)
03 June 2011We have bought RACKING SYSTEM for our warehouse business. This is used for storage of goods and pallates. I would like to know whether this part of Plant & Machinery, Furniture & Fixtures or Warehouse cost.
suja nair
(Finance)
(61 Points)
Replied 03 June 2011
The same will be capitalised as Plant and machinery. However if the item is of low value shall be capitalised as low value asset, in turn the same will be fully depreciated.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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