Cenvat credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 September 2011
A client of mine has availed cenvat credit in plant & machinery.It is the credit availed for previous months and not of the corresponding month.
I would like to know how this should be shown in books of accounts.
Can this amount be shown as income in P&L account?
I would like to know how this should be shown in books of accounts.
Can this amount be shown as income in P&L account?
01 October 2011
Credit can be taken even if it is relating to previous months.
The Cenvat credit taken on purchase of Plant and Machinery cannot be taken as an income in P&L Account. It should be deducted from the value of the asset capitalised.
The Cenvat credit taken on purchase of Plant and Machinery cannot be taken as an income in P&L Account. It should be deducted from the value of the asset capitalised.
07 October 2011
I agree with the expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Form 26QB for TDS on property
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- Payable outstanding for years disallowance
- DTCP approval
- Residential status for filling income tax returns in India
- Whether still royalty
- Strategic Performance Management and Business Valuation
- Appeals vs Writ court -certain doubt
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
