Itc on fixed asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 November 2017
Dear Sir, Whether VAT on Fixed Asset(Truck purchase for delivery of Goods) total credit available in the same year in which asset is purchase in MVAT Act?
Read more at: https://www.caclubindia.com/experts/credit-of-vat-on-fixed-asset-995295.asp#
Read more at: https://www.caclubindia.com/experts/credit-of-vat-on-fixed-asset-995295.asp#
25 November 2017
If you take ITC then you can not claim Depreciation on that ITC portion as it is a Fixed Assets.
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