New Purchase Machine for my Business purpose only.
Taxable value : 22,00,000/-
IGST: 3,96,000=00
TOTAL : 25,96,000=00
NO ITC Claim only depreciation right..
Which amount show in fixed assets side in Balance sheet in Plant and machinery group.
1. Total RS. WITH GST: 25,96,000=00
2. WITHOUT GST : 22,00,000=00
XYZ COMPANY CR. 25,96,000=00
DR. PLANT AND MACHINERY : 22,00,000/-
DR. IGST RS. 3,96,000=00
DEPRECIATION HOW TO USE IN INCOME TAX.
1 YEAR
2 YEAR
???????????
Menu
CAPITAL GOODS PURCHASE
Replies (2)
Since you are not claiming ITC of Gst paid on machinery , the total amount including Gst is to be shown under plant and machinery in balance sheet.
in income tax depreciation on plant and machinery at 15% on wdv bases will be 1st year 389400 used for more than 180 days , 2 year 330990.
in income tax depreciation on plant and machinery at 15% on wdv bases will be 1st year 389400 used for more than 180 days , 2 year 330990.
agreed with prajwal ji
Recent Topic
- While e filing otp not generating
- INCOME FROM CLOSING OF NSS -1992 -EXEMPT UNDER W
- GPF AND COMMUTED PENSION RECEIVED
- How do I choose the correct trademark class? Can I
- Error in totalling salary amount in AIS
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
Related Topics
CAclubindia
