Capitalising
This query is : Resolved
18 November 2009
If Asset is purchased by a manufaturing Unit and is used in the Office and not for production, then can VAT Credit be availed on that?
Eg. X, a manufacturing unit, purchased Furniture and is put to use in the office. Then VAT paid to be capitalised or input credit can be availed?
Pl. Reply
Thanks in advance:)
Eg. X, a manufacturing unit, purchased Furniture and is put to use in the office. Then VAT paid to be capitalised or input credit can be availed?
Pl. Reply
Thanks in advance:)
18 November 2009
no
18 November 2009
its use in office then no input credit is available.
18 November 2009
thank you Sirs.
pl. answer me this also
if an asset is put to use on 6th May 2009. Then shall we take 6th May 2009 into consideration for calculating depreciation under Companies Act or from 7th May do we calculate depreciation.
Thanks in advance:)
pl. answer me this also
if an asset is put to use on 6th May 2009. Then shall we take 6th May 2009 into consideration for calculating depreciation under Companies Act or from 7th May do we calculate depreciation.
Thanks in advance:)
19 November 2009
Yes, we can charge depreciation on that asset.
Regards
Regards
19 November 2009
yes Depreciation is allowed.
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