Cost of Fixed Assets
This query is : Resolved
30 August 2010
I purchase 8 Moter Cycle @ 100 each ant vat is @ 12.5 each and i claimed ITC 100 (100*12.5%*8). Next month I transfer 1 Moter Cycle to Fixed Assets.
what is the cost of Fixed Assets.
i hear that when i purchase Fixed Assets then i can't claim ITC on Moter Cycle.
But i claim ITC on purchase.
what all entry will be doen by me.
what is the cost of Fixed Assets.
i hear that when i purchase Fixed Assets then i can't claim ITC on Moter Cycle.
But i claim ITC on purchase.
what all entry will be doen by me.
30 August 2010
VAT credit cannot be taken in case of purchase of vehicle as fixed assets but can be taken if u are a trader in vehicles.
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