Expenses
This query is : Resolved
Ravi Singh
(Querist)
14 July 2014
I am working in a publishing house and our company purchased some CD's from another company and we received a tax invoice against purchase of CD's. Can we claim input tax credit or not. If purchasing of CD's is expenses than what is the head of this expense.
Sandeep Dharar
(Expert)
14 July 2014
U cant claim ITC, coz u r not in a business of selling CD(s). If u r in a business of sale of CD by purchasing then adding VAT, then u can claim ITC.
U must book it in General Expenses.
U must book it in General Expenses.
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Ravi Singh
(Querist)
14 July 2014
Thanks Sir, one more question is arising in my mind basically the purpose of purchasing of CD's is to distribute free with magazine.
Now please tell me the accounting head of this expense.
Now please tell me the accounting head of this expense.
Sandeep Dharar
(Expert)
14 July 2014
K, for that u can book it under Advertisement Expenses or Business Promotion Expenses.
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