while considering depreciation for fixed assets should we consider value added tax paid as asset or expenditure.
Menu
Depreciation applicable for vat?
Replies (2)
if you could take the input credit for the asset vat amount will not form part of cost of fixed assets
Depreciation is all about splitting the Total Capitalised Amount over a number of years.
If you have not capitalised the VAT amount, then you obviously cannot take depreciation. [eg. Whn you have taken input tax credit of VAT paid on capital goods, you cannot capitalise such VAT]
Recent Topic
- Is GST Registration Mandatory for Freelancers in I
- ITR TO FILE
- Shift of Place of Business from one state to anoth
- Form 10E u/s. 89(1). Need clarification because Ex
- Long Term Capital Loss - Tata Capital unlisted sha
- Section 54F deduction - GST and Stamp Duty cost wh
- Professional Crossed 20 Laks in Dec 26 Failed to T
- F&O in ITR
- CA Final Self pace Module
- Query Regarding House Ownership Transfer Reflected
Related Topics
CAclubindia
