Two wheeler and a.c. for personal purpose

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Purchasing a two-wheeler or air conditioner for personal use generally means these assets should not be recorded in your business accounts. Attempting to do so would likely result in ineligible Input Tax Credit (ITC) under GST and disallowed expenses under the Income Tax Act. It's best to keep personal purchases separate from business finances.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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19 June 2021 Sir,
One of the it assess two wheeler and air conditioner purchase for personal purpose.
Question:
Assess two assets how to show procedure in books and it returns under gst and it act.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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19 June 2021 Since these are for personal purpose, there is no need to show them in the books. Even if shown, ITC would be ineligible and expense would be disallowed under Income Tax Act