Note counting Machine

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629 Points Posted on 10 June 2020
Dear Sir,
We have purchase Note counting machine please suggest in which group I create the ledger also suggest can I claim ITC on machine bill reflect in 2A
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On 10 June 2020 at 10:55 Report
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This discussion clarifies the accounting treatment for a note counting machine. It confirms that the machine should be classified as a fixed asset under the 'plant and machinery' head. Furthermore, it advises that Input Tax Credit (ITC) can be claimed if the bill is reflected in your 2A.

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Chartered Accountant
173 Points Posted on 11 June 2020

Note counting machine is one type of fixed asset under plant and machinery head. So group head is Fixed Assets. 

Yes, bill reflected in 2A, ITC can be claimed.

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On 11 June 2020 at 12:46
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629 Points Posted on 11 June 2020
Thank you very much Sir,
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On 11 June 2020 at 14:20

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