rules for claim of ITC and depreciation in income tax
prasad (consultation) (38 Points)
19 September 2018prasad (consultation) (38 Points)
19 September 2018
RAJA P M
("Do the Right Thing...!!!")
(128111 Points)
Replied 19 September 2018
Dilip Kumar
(Account Executive )
(28 Points)
Replied 20 September 2018
PLEASE EXPLAIN WITH EXAMPLE (If Possible)
RAJA P M
("Do the Right Thing...!!!")
(128111 Points)
Replied 20 September 2018
Originally posted by : Dilip Kumar | ||
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PLEASE EXPLAIN WITH EXAMPLE (If Possible) | ![]() |
Yeah Definitely Possible... Then Why we are participate in CCI...
RAJA P M
("Do the Right Thing...!!!")
(128111 Points)
Replied 20 September 2018
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...
Dilip Kumar
(Account Executive )
(28 Points)
Replied 20 September 2018
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... |
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thanks
RAJA P M
("Do the Right Thing...!!!")
(128111 Points)
Replied 20 September 2018