Fixed assetes
This query is : Resolved
Ram Ahivale
(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???
04 July 2014
no its fixed assets only hence cannot be takes as godown exp.
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.
CA. RAGHAV GARG
(Expert)
04 July 2014
But u should remember for income tax law, it is fixed assets
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.
and also no vat act give VAT input on electric item not use in production.
CA Yugal Purohit
(Expert)
07 July 2014
Rupesh is right.
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