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Itc on phone

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709 Points Posted on 19 April 2021
hi, we purchased a phone for the director, can we take an input tax credit or not.
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On 19 April 2021 at 11:20 Report
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Chartered Accountant
24588 Points Posted on 19 April 2021
No, you cannot claim ITC in this case as it is used for personal use
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On 19 April 2021 at 12:28
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709 Points Posted on 19 April 2021
Ok then it's come uder indirect expense or asset
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On 19 April 2021 at 12:30
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Chartered Accountant
5010 Points Posted on 19 April 2021

YEs you can take ITC provided the bill is in the name of the Company, Accounted for in company's books, the bill contains the valid GSTIN

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On 19 April 2021 at 14:04
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Chartered Accountant
24588 Points Posted on 19 April 2021
But if it is used for personal use then ITC cannot be claimed
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On 19 April 2021 at 14:28
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709 Points Posted on 19 April 2021
It is used for personal
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On 19 April 2021 at 14:29
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CMA
13117 Points Posted on 19 April 2021
Transactions which are personal in nature cannot be accounted as expenses of the company and hence no ITC can be availed in respect of the same. Debiting the same to the account of the director would be appropriate I think.
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On 19 April 2021 at 14:43
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Chartered Accountant
24588 Points Posted on 19 April 2021
No you cannot claim ITC on such expenses
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On 19 April 2021 at 17:07
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709 Points Posted on 19 April 2021
Ok understood, one more thing that it's come under indirect expense or assets
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On 19 April 2021 at 17:10
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CMA
13117 Points Posted on 19 April 2021

Debit balance under director's account appears under Current Assets.

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On 19 April 2021 at 17:21
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Chartered Accountant
24588 Points Posted on 19 April 2021
It will be comes under Directors account
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On 19 April 2021 at 21:06


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