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ITC CREDIT ON IRON BARS FOR REPARING FACTORY
he is a job worker and he has machines for running job work in his factory,,,,,now he purchases iron baars (saria ) for repair his factory roof ...can he claim itc on this iron(saria ) purchase???
Replies (2)
According to section 17(5) you cannot claim credit of immovable properly !
so if you are treating it as revenue expense and debiting in P&L account then you can claim credit !
If you are capitalising in the factory as a fixed asset then u can not avail credit !
so if you are treating it as revenue expense and debiting in P&L account then you can claim credit !
If you are capitalising in the factory as a fixed asset then u can not avail credit !
If the expenses incurred is captilised to Building account , cannot claim ITC .
If book as revenue expenditure ,yes ITC can be availed.
If book as revenue expenditure ,yes ITC can be availed.
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