26 December 2008
if we are software developmenrt company. And we purchase air conditioner VAt is charged on the bill.And we capitalised it to the Airconditioenr -Fixed Asser . Whether will we get set off for it?
26 December 2008
No because it may come under schedule V, where input tax restrictions apply. Sch. V changes from State to State, so check with your state VAT.
CAclubindia
