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+--- Thread: Input Tax Adj. on Security Cameras (/thread-input-tax-adj-on-security-cameras)
Input Tax Adj. on Security Cameras - olympia - 08-07-2010
Please tell me that "Could we adjust input sales tax on security cameras (On Manufacturing Plant) against output tax?
- Information Consultant - 08-07-2010
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
- Anfal Shabbir - 08-07-2010
agreed with consultant
- olympia - 08-07-2010
it means v can adjust input in equal 12 installments.................
- Information Consultant - 08-07-2010
remeber that security cameras should reflect in ur balance sheet also
- olympia - 08-07-2010
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........
- LapTop - 08-07-2010
No
- Information Consultant - 08-07-2010
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
- LapTop - 08-08-2010
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,
- Information Consultant - 08-09-2010
agreed
- olympia - 08-09-2010
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???????????
- Information Consultant - 08-09-2010
NO
- olympia - 08-09-2010
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
- Information Consultant - 08-09-2010
right
- olympia - 08-09-2010
One thing which i forget to mention is
V Import these Security Cameras......
is there any change in treatment?