Conversion of stock in trade to fixed asst

C.A Varsha Premachandran (Practice) (85 Points)

25 January 2018  

Hai All...

I have purchased certain goods for trading and claimed ITC while filing the KVAT Return in 2015-16. Now I wanted to convert those stock into assets. What are the accounting entries and what is the tax implcations?

 

Thanks in Advance.....