Sec 17(5) d blocked itc apply here

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accounts manager
263 Points Posted on 28 November 2020
manufacturing company also does renting of commercial buildings, and spends on painting and electrical fittings. does these come under blocked itc u/s 17(5) d.
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On 28 November 2020 at 15:16 Report
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This discussion clarifies whether input tax credit (ITC) for painting and electrical fittings is blocked under Section 17(5)(d) for a manufacturing company that also rents out commercial buildings. The consensus is that if these expenses are capitalised, ITC is not eligible. However, if they are treated as revenue expenditure and booked in the P&L account, ITC can be claimed.

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Accountant
3662 Points Posted on 28 November 2020
No.......
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On 28 November 2020 at 16:23
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Student
23693 Points Posted on 29 November 2020
If it is Capitalized, they you are not eligible to claim ITC on Painting and Electrical fittings. However if it is booked as a Revenue Expenditure in the P&L A/c, then you can claim ITC.
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On 29 November 2020 at 09:37
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accounts manager
263 Points Posted on 29 November 2020
Ok, thank you.
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On 29 November 2020 at 13:35

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