Whether road tax and insurance payment to be capitalised or expensed when vehicle is newly acquired by the company ?
5 Replies
Alekya nirmala
(XXXX)
(72 Points)
Replied 18 June 2013
Hi Robin
All expenses incurred on asset still the time the asset is ready for use , need to be captialized. but note that all refundable taxes that is which we can claim from the government need to be included in the recognization.
In the given case, both the expenses need to be captialized ,
Best Regards
Nirmala
Mithun Patel
(SEZ Executive)
(43 Points)
Replied 19 June 2013
For any New Capital Assets purchased by the company initially incurred any recurring expenditure incurred it should be capitalised.
Mithun Patel
(SEZ Executive)
(43 Points)
Replied 19 June 2013
For any New Capital Assets purchased by the company initially incurred any revenue expenditure,it should be capitalised.
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