Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Input Tax Adj. on Security Cameras
08-07-2010, 03:44 PM,
#1
Input Tax Adj. on Security Cameras
Please tell me that "Could we adjust input sales tax on security cameras (On Manufacturing Plant) against output tax?
Reply
08-07-2010, 04:21 PM,
#2
 
The input tax adjustments on fixed assets can be claimed subject to limitations prescribed in sections 7, 8 and 8B and or in a notification issued under section 8(1)(b) of the Sales Tax Act, 1990.

The adjustment of sales tax on each fixed assethas to be spread over 12 month

Reply
08-07-2010, 04:43 PM,
#3
 
agreed with consultant
Reply
08-07-2010, 04:50 PM,
#4
 
it means v can adjust input in equal 12 installments.................
Reply
08-07-2010, 05:03 PM,
#5
 
remeber that security cameras should reflect in ur balance sheet also
Reply
08-07-2010, 05:46 PM,
#6
 
so v have to mention this as our fixed assets.......... but i think security cameras r not our fixed assets

is there any other way to adjust sales tax........
Reply
08-07-2010, 06:36 PM,
#7
 
No
Reply
08-07-2010, 10:01 PM,
#8
 
What is tne nature of security cameras if they r not fixed assets can u claim this as an expense in profilt and loss account .pls take this issue seriously before claim input tax .I think that security cameras are fixed assets
Reply
08-08-2010, 09:06 PM,
#9
 
Olympia,,,,,,,

agar Cameras ko as Asset book karyn gi to Input tax claim ho sakta hay 12 installments may....

agar Cameras ap nay expense book kiye han to input tax us ki cost may dal ka expense book ho ga,
Reply
08-09-2010, 05:00 AM,
#10
 
agreed
Reply
08-09-2010, 03:58 PM,
#11
 
v r not shown this as fixed assets v r going to expense out this in profit & loss account.....
could v now adjust the sales tax against our output tax???????????
Reply
08-09-2010, 04:54 PM,
#12
 
NO
Reply
08-09-2010, 05:49 PM,
#13
 
OK

But If v consider these cameras as our fixed assets & shown in our B/S then v can adjust sales tax as prescribed under <font color="pink">Section 8B</font id="pink">?
right
Reply
08-09-2010, 08:04 PM,
#14
 
right
Reply
08-09-2010, 09:35 PM,
#15
 
One thing which i forget to mention is
V Import these Security Cameras......
is there any change in treatment?
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)

Contact Us | Accountancy | Return to Top | | Lite (Archive) Mode | RSS Syndication