Cenvat , vat & depreciation
This query is : Resolved
10 November 2014
can we take credit of cenvat & VAT from Purchase of Machinery and also take as asset ( Machine purchase value + excise duty + Vat )
21 November 2014
You CANNOT take multiple benefits of the tax.
You can either claim depreciation on tax portion of the asset or take credit of the tax.
You CANNOT avail both the benefits simultaneously.
You can either claim depreciation on tax portion of the asset or take credit of the tax.
You CANNOT avail both the benefits simultaneously.
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