New Showroom Construction - reg
This query is : Resolved
18 November 2019
Company is constructing a new retail showroom. Can input credit on all sums spent - Capital goods - for the new showroom, be taken? Kindly clarify.
18 November 2019
As per section 16(3), ITC is not available in respect of tax element of capital goods upon which depreciation is claimed under Income Tax Act 1961 as part of cost of asset. Hence, it is advisable not to claim the tax component of inward supply as part of cost of capital asset while claiming depreciation. And additional words used are “plant and machinery” even if debited to profit and loss account , and not capitalized , will be be available for claiming ITC, unless tax component of plant and machinery, is not added in the value of plant and machinery for claiming depreciation
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
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
