Credit on Fixed Asset
This query is : Resolved
07 February 2009
Can i take VAT credit of input VAT of Computers purchased
07 February 2009
No
Input tax credit can be taken only on the purchase of capital goods meant for use in the manufacture of taxable goods
Input tax credit can be taken only on the purchase of capital goods meant for use in the manufacture of taxable goods
07 February 2009
Hi Amol & Mohilji
As per Maharashtra VAT u can even claim setoff on capital goods other than motor car. in case plant & machinery u can claim 100% of set-off. in any other case u can claim set off after retention of 3%
in case of computer it is covered by schedule III i.e 4% so after retention of 3% u can claim set-off of 1% of the vat on computers as input tax credit.
hope the above will solve ur purpose
As per Maharashtra VAT u can even claim setoff on capital goods other than motor car. in case plant & machinery u can claim 100% of set-off. in any other case u can claim set off after retention of 3%
in case of computer it is covered by schedule III i.e 4% so after retention of 3% u can claim set-off of 1% of the vat on computers as input tax credit.
hope the above will solve ur purpose
08 February 2009
Retention is applicable only if the goods manfactured are tax-free goods.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
