05-04-2007, 06:55 AM
As per my knowlege, u/s 148 of ITO, for a commercial importer, this tax is a full and final discharge however for a manufacturer cum supplier this is an advance tax paid u/s 148. Under accounting standards, as per IAS 16, any refundable tax can not be made part of asset. For a commercial importer its not an fixed asset but a stock sold. For a manufacturer cum supplier, it will be further fabricated/remanufactured thus still not made part of cost so income tax can not be made part of any STOCK. For an operating fixed asset it can be.
As per Sales Tax, no sales tax at input stage is charged to procure (locally or import)for capital plant, machinery and equipment and raw material used to make them (but not a consumable durable or office equipment)
Kindly correct me if i am wrong or add to it.
rgrds
As per Sales Tax, no sales tax at input stage is charged to procure (locally or import)for capital plant, machinery and equipment and raw material used to make them (but not a consumable durable or office equipment)
Kindly correct me if i am wrong or add to it.
rgrds
