Sir,
We have purchased laptop for
business purpose. bill reflect in 2A. Can we claim ITC and deprecation on Laptop.
please advise
Menu
Reg.Labtop
Replies (3)
Yes... You can claim ITC for the purchase of Laptop.
But,
Depreciation applicable on basic value only...
Ex :
say laptop total value Rs. 118 as (Basic value Rs 100 & Gst Rs 18. Then You will claim ITC Rs 18.
Depreciation will be calculated in basic value as 100 * 40% = 40 depreciation value.
But,
Depreciation applicable on basic value only...
Ex :
say laptop total value Rs. 118 as (Basic value Rs 100 & Gst Rs 18. Then You will claim ITC Rs 18.
Depreciation will be calculated in basic value as 100 * 40% = 40 depreciation value.
Yes you can claim ITC provided that all the 4 conditions as laid down U/s 16(2) of the CGST Act 2017 is satisfied, i.e.
1). Possession of a Tax Invoice.
2). Goods have been received.
3). Supplier must have paid the taxes to the Government exchequer.
4). Recipient must have filed the Return.
As far as Depreciation u/s 32 of the Income Tax Act 1961 is concerned, you can claim it but not on the Tax Amount. Refer Section 16(3) of the CGST Act 2017 for more information.
1). Possession of a Tax Invoice.
2). Goods have been received.
3). Supplier must have paid the taxes to the Government exchequer.
4). Recipient must have filed the Return.
As far as Depreciation u/s 32 of the Income Tax Act 1961 is concerned, you can claim it but not on the Tax Amount. Refer Section 16(3) of the CGST Act 2017 for more information.
Agree with Shivam RC
Recent Topic
- Due date of ITR for Option Trader
- Cancelled invoice entry
- Debt Mutual Fund Tax in New Regime
- Amount distributed by a Co-op. Hsg Society to its
- Delayed reported invoice in GSTR1
- Kusumgar IPO Listing Date: Shares Debut on BSE, NS
- When is Diwali in 2026? Date, Muhurat Timing and D
- Amount received by son from PPF closure proceeds o
- Clarification on Nature of Payment Code for NRI Pr
- Fee received as Independent Director
Related Topics
CAclubindia
