Fixed assets

This query is : Resolved

Aditya (Querist)
Follow

29 November 2015 As per accounting for fixed assets, it is clear that when u have credit available against the taxes paid while purchasing the said asset the credit may be reduced from the cost.. But my question is that is this relevant that there should a time gap between the purchase of asset & the date of put to use ?? Where the credit may be availed. what if the date of purchase & put to use are same.?? bcoz on that date actually u have not availed the credit but u wud claim in the coming days I.e when u wud file return.. Can any one please help me n xplain the actual concept of it..

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

30 November 2015 Date of Purchase & Date of PUt to use both are Important , Depreciation is Calculated on Date of Put to Use not consider purchase date . your Asset Should have Details Date of Purchase & Date of Put to use in order to calculate DEPRECIATION.

Aditya

Aditya (Querist)
Follow

30 November 2015 Yes sir definitely.. but my query is not about from when dep would be charged.. Rather its about cenvat credit that would be availed by the person...

Kumar

Kumar (Expert)
Follow

12 December 2015 If the credit is availed in the return filed for March month, cenvat credit is said to be availed in that year for income tax purposes. For that matter cenvat credit is claimed for capital goods 50%in the year of purchase and balance 50% in any subsequent year, but fa is capitalised net of cenvat credit, if availed

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now