50% cenvat can be used in any subsequent year
This query is : Resolved
17 December 2011
Dear Experts,
We have purchased one Machinery on 25th March, 2011 and got CENVAT credit of 2Lakhs.
Now, Is it right to claim 50% of CENVAT against Excise duty payable for FY 2010-11, since the assets is just purchase before 1week from the end of Financial Year?
Am I eligible to take balance 50% CENVAT credit to setoff the Excise duty Payable for April 2011? Or I need to wait 1year from the date of purchase to avail CENVAT input of balance 50%?
Kindly clarify..
Thanks & Regards,
Sidhardh.
We have purchased one Machinery on 25th March, 2011 and got CENVAT credit of 2Lakhs.
Now, Is it right to claim 50% of CENVAT against Excise duty payable for FY 2010-11, since the assets is just purchase before 1week from the end of Financial Year?
Am I eligible to take balance 50% CENVAT credit to setoff the Excise duty Payable for April 2011? Or I need to wait 1year from the date of purchase to avail CENVAT input of balance 50%?
Kindly clarify..
Thanks & Regards,
Sidhardh.
17 December 2011
If the machinary is received in the factory you may take 50% credit for payment of Duty.
And Balance 50% is to be taken on next F.Y but the machinary is to be installed.
And Balance 50% is to be taken on next F.Y but the machinary is to be installed.
17 December 2011
Yes bishan is right.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Grand in aid
- Accounting with Claude
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
