Machinery amount for charging depreciation?
This query is : Resolved
12 December 2012
Dear Sir,
If Machinery Purchase bill have excise duty & Vat also, We taken credit for both. then what will be the amount taken for charging Depreciation?
Eg. 100+12.36+12.5=124.86
Kindly explain in detail with excise duty & VAT also?
If Machinery Purchase bill have excise duty & Vat also, We taken credit for both. then what will be the amount taken for charging Depreciation?
Eg. 100+12.36+12.5=124.86
Kindly explain in detail with excise duty & VAT also?
13 December 2012
Deduct the amount of input credit taken for both excise and vat , charge depreciation on the balance value i,e 100.
13 December 2012
If you have taken credit, that means you have not capitalised the Excise duty and Vat. Therefore your book also explains the same. Hence claim depreciation on the amount excluding Excise duty and vat i.e Rs. 100 in your example.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Cash balance limit and property purchases limit
- Journal entry of busniess expenses
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
