TaxTMI 
TaxTMI 
FIXED ASSET
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....IXED ASSET<br> Query (Issue) Started By: - SRINIVAS PALAKODETI Dated:- 7-12-2010 Last Reply Date:- 9-12-2010 Other Topics<br>Got 4 Replies<br>Indian Laws<br>WE HAVE PURCHASED A PAINTING COSATING RS. 4....
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....00,000/-. HOW AND IN WHICH CATEGORY OF FIXED ASSETS UNDER THE COMPANIES ACT AND INCOME TAX ACT CAN WE CAPITALIZE THE SAME. Reply By CHITRA RAGURAM: The Reply: Please provide the nature of your compan....
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....ies business. Also please describe the product purchased. Reply By SRINIVAS PALAKODETI: The Reply: We are in Insurance business and product purchased is a painting. Reply By CA Rachit Agarwal: The ....
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....Reply: If it is used in the office, the same could be capitalized to office building. Reply By CHITRA RAGURAM: The Reply: Paint is purchased for building renovation and hence it has to be debited to ....
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....BUILDING account both under Companies Act and Income Tax Act.<br> Discussion Forum - Knowledge Sharing ....