dear all
purchase on computer for official purpose, If ITC is availed depreciation not be claimed?
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ITC on Fixed assets
Replies (4)
If ITC availed then Depreciation available on basic value of computer...
(Generally the argument not required or reasonable. bcoz, once the Ledger posted then it's not to account in other heads. it's my opinion).
(Generally the argument not required or reasonable. bcoz, once the Ledger posted then it's not to account in other heads. it's my opinion).
Our ACCOUNTANT says that if once ITC availed then we are not supposed to claim depreciation on it.
my doubt is if it so, then should I debit computer in expenses account?
my doubt is if it so, then should I debit computer in expenses account?
As said by Mr Raja P M sir, you can avail ITC and you can do the depreciation also.
For Example : An asset has a value of Rs 118/- Inclusive of 18% GST, avail Rs 18 as input tax and do the depreciation on taxable value Rs 100 @ 40%
For Example : An asset has a value of Rs 118/- Inclusive of 18% GST, avail Rs 18 as input tax and do the depreciation on taxable value Rs 100 @ 40%
Thank you raja sir
thank you krishna sir
thank you krishna sir
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