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Fixed assetes

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(Querist)
04 July 2014 we have purchased some fans for our godwon but we dont want show it under fixed asstes so can we take input credit of vat if i take it under godwon expense???
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
04 July 2014 no its fixed assets only hence cannot be takes as godown exp.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
04 July 2014 If the cost of fan is Rs 5000 or below you can expense it off by charging to P/L. And yes you can take input credit.
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CA. RAGHAV GARG

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CA. RAGHAV GARG (Expert)
04 July 2014 But u should remember for income tax law, it is fixed assets
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Rupesh Jain

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Rupesh Jain (Expert)
05 July 2014 it is fixed assets under company act you can charges 100% depreciation if value is below Rs. 5000/-.
and also no vat act give VAT input on electric item not use in production.
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CA Yugal Purohit

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CA Yugal Purohit (Expert)
07 July 2014 Rupesh is right.
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