rules for claim of ITC and depreciation in income tax

PLEASE EXPLAIN WITH EXAMPLE (If Possible)

Originally posted by : Dilip Kumar
	PLEASE EXPLAIN WITH EXAMPLE (If Possible)

Yeah Definitely Possible... Then Why we are participate in CCI...

Say A machinery Purchased from ABC & Co Rs. 11,800 with GST (Basic Value Rs. 10000 & GST Value Rs. 1800). Now You will enter in Your books of Accounts as Following way...

Create Ledgers as ;

Machinery (Under Fixed Asset)

CGST & SGST / IGST (under Duties & Taxes)

Entry as;

Dr. Machinery - Rs. 10000

Dr. CGST - Rs. 900

Dr. SGST - Rs. 900

Cr. ABC & Co - Rs. 11800.... (Pay to ABC & co Rs. 11800)

Now.,

The CGST & SGST amount is Your ITC under Duties & Taxes. You can avail the amount in Your GST returns...

As per IT Act you can claim Depreciation on Machinery for the Value of Rs. 10,000...

Originally posted by : RAJA P M
	Say A machinery Purchased from ABC & Co Rs. 11,800 with GST (Basic Value Rs. 10000 & GST Value Rs. 1800). Now You will enter in Your books of Accounts as Following way... Create Ledgers as ; Machinery (Under Fixed Asset) CGST & SGST / IGST (under Duties & Taxes) Entry as; Dr. Machinery - Rs. 10000 Dr. CGST - Rs. 900 Dr. SGST - Rs. 900 Cr. ABC & Co - Rs. 11800.... (Pay to ABC & co Rs. 11800) Now., The CGST & SGST amount is Your ITC under Duties & Taxes. You can avail the amount in Your GST returns...   As per IT Act you can claim Depreciation on Machinery for the Value of Rs. 10,000...

thanks

Originally posted by : Dilip Kumar
	thanks

U R Wlcm