Vat include in capital assets or not

Others 326 views 2 replies

sandeep

student

40 Points Joined November 2007

we have purchased chairs for Rs 26000/- which include 2990/- vat

we booked in 26000 in our account.

no i want to know how to calculate Dep on this

whether dep calculated on 26000 or 23010??

Replies (2)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

if you are taking input credit of 2990 then chair shall be entered in books at a value of 23010 and dep. will also be calculated on 23010. but if you are not taking input credit then chair will be booked at 26000 and dep. will also be calculated on this amount.