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Itc on phone
hi, we purchased a phone for the director, can we take an input tax credit or not.
Replies (10)
No, you cannot claim ITC in this case as it is used for personal use
Ok then it's come uder indirect expense or asset
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
But if it is used for personal use then ITC cannot be claimed
It is used for personal
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.
No you cannot claim ITC on such expenses
Ok understood, one more thing that it's come under indirect expense or assets
Debit balance under director's account appears under Current Assets.
It will be comes under Directors account
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