We are transport pvt ltd company. We have purchased new buses around 60L and paid road tax.
Now my doubt is we take the bus puchase cost for expense or fixed asset. How to pass entry. Pls suggest and road tax under which leader duties and taxes or rates and taxes..
Thanks in advance
Menu
Transport Pvt ltd company
Replies (2)
The cost of the buses should be treated as assets of the Company this is the fixed assets which generate the revenue earning in ordinary course of business.
For tax i have no idea.
In case if you are in business of selling buses, then you should consider it as an expense. Now, as your business is providing transportation service, cost incurred for procuring bus including taxes has to be captialised (Fixed Asset).
Recent Threads
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
- SAC code and GST rate transport services for anima
- Section 44AB is Gone — How Different is Tax
- Capital Gains from Cancelled Residential Project
Related Threads
CAclubindia
