11 December 2014
Dear all, Is there any one please provide me what all capital assets are included in Office & equipment head for ITC? Is VAT paid on mobile phones which is capitalised allowed for ITC where the assessee is trader in industrial goods? Urgent
11 December 2014
Yes, if you have capital assets then you can avail tax credit of capital assets purchase.
but for that you have to capitalized assets which can give you its benefits (i.e use) for long time,then you can take its itc otherwise your ITC will disallowed.
12 December 2014
you can take itc ony which use for your business not for other . like mobile phone not allowed fan, ac, car scooter, m/cycle not allowed.
CAclubindia
