Cost of Fixed Assets
This query is : Resolved
23 October 2009
If an asset is procured with payment of Cenvat. For E.g. Cost of Asset 10 Lakh, Cenvat 1 Lakh.
1. Can the asset to be capitalised for 11 Lakh.
a). What is the treatment when Cenvat Credit not availed.
b). What is the treatment when Cenvat Credit availed for Full value of Cenvat Paid.
C). What is the treatment when Cenvat Credit availed Partial in current financial year and remaining in the next financial year.
Iam thanking you all in advance to help me to find solution.
1. Can the asset to be capitalised for 11 Lakh.
a). What is the treatment when Cenvat Credit not availed.
b). What is the treatment when Cenvat Credit availed for Full value of Cenvat Paid.
C). What is the treatment when Cenvat Credit availed Partial in current financial year and remaining in the next financial year.
Iam thanking you all in advance to help me to find solution.
23 October 2009
1. Asset shud be Capitalised only for 10lakhs.
2. Carry forwqard the Cenvat Credit which is not availed.
3. full value of Cenvat Credit in case of Capital Goods can be availed only when the Capital goods are cleared as such during the same FY, otherwise only 50% is allowed in Current Fy and the balance in subsequent years.
2. Carry forwqard the Cenvat Credit which is not availed.
3. full value of Cenvat Credit in case of Capital Goods can be availed only when the Capital goods are cleared as such during the same FY, otherwise only 50% is allowed in Current Fy and the balance in subsequent years.
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
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Long Term Service award taxability in hands of company
- BIS Certificates
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- Procedure for claiming exemption in Article Ship for CA Course
- ITR 2 Short Term gain & Long term gain
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
