Cenvat Credit & Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2010
Dear Sir,
What is the meaning of following sentence?
“No Cenvat credit on duty amount if manufacturer claims depreciation on duty - u/s 32 of Income Tax Act.”
I am confused - Can i take the credit on capital goods & can i clam the depreciation on the same ?
Pls help.
Thanks in advance.
What is the meaning of following sentence?
“No Cenvat credit on duty amount if manufacturer claims depreciation on duty - u/s 32 of Income Tax Act.”
I am confused - Can i take the credit on capital goods & can i clam the depreciation on the same ?
Pls help.
Thanks in advance.
18 April 2010
Both cannot be claimed.
18 April 2010
If you are taking cenvat on the capital goods,- you cannot claim the depreciation for the portion as Cenvat claimed
If you are not taking cenavt on capital goods the same can be included as Asset and can be claimed depreciation
If you are not taking cenavt on capital goods the same can be included as Asset and can be claimed depreciation
19 April 2010
agree
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