Profession fees ITC

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1 Points Posted on 25 August 2023
Profession fees capitalised in construction account then claim ITC
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On 25 August 2023 at 21:42 Report
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This discussion clarifies the rules around claiming Input Tax Credit (ITC) on profession fees within the construction sector. Generally, profession fees cannot be capitalised for ITC purposes unless they are exclusively used in the creation of a specific asset. This distinction is crucial for accurate tax claims.

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"Do the Right Thing...!!!"
128157 Points Posted on 25 August 2023
No, Don't claim.
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On 25 August 2023 at 22:25
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Profession
28271 Points Posted on 27 August 2023
Profession fees cannot be capitalized unless utilized solely for the purpose of creating the asset.
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On 27 August 2023 at 08:01

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