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Depreciation and GST both claim on Fixed Assets
I had purchased a Mobile Phone. Can I get the depreciation on it even take ITC on that????
Replies (5)
Yes on taxable value (before tax) you can have depreciation, .. & ITC can also claim
Note : Mobile should be use as business purposes
Note : Mobile should be use as business purposes
Ok. thanks
Option 1:
Claim Depreciation on price+GST portion ; but on ITC on GST paid.
Option 2:
Claim Depreciation on price of asset (excluding GST), and ITC on GST paid.
Hence, cannot claim both ITC and deprecation on GST part of the invoice.
Yes if mobile used for business purpose, you can claim ITC on it.
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