Two wheeler and a.c. for personal purpose
This query is : Open
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Kollipara Sundaraiah
(Querist)
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.
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
(Expert)
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
CA Altamush Zafar
(Expert)
19 June 2021
If it is for personal purpose don't account for it in business. No ITC will be available either.
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