Calculation of depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2013
While calculating depreciation on fixed assets, is VAT taken into consideration?
19 March 2013
If the Input tax Credit on the same is taken under the relevant VAT Act, then it shall be excluded(i.e. not forming the part of the cost)........otherwise, if no Input Credit is taken, then it shall be included.
19 March 2013
If the credit is taken then exclude , if no capitalize the same and calculate the depreciation on total including VAT.
Dear Sumit in case of no input credit, the input tax will form part of cost of asset and will not be considered as expense.
Dear Sumit in case of no input credit, the input tax will form part of cost of asset and will not be considered as expense.
Message likes :
1 times
19 March 2013
Yes Mr Dilip....I Corrected the same......Me too noticed it after I posted the reply.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- Annual return in Gst
- Value of property in capital gain
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
