Calculation of depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2013
While calculating depreciation on fixed assets, is VAT taken into consideration?
19 March 2013
If the Input tax Credit on the same is taken under the relevant VAT Act, then it shall be excluded(i.e. not forming the part of the cost)........otherwise, if no Input Credit is taken, then it shall be included.
19 March 2013
If the credit is taken then exclude , if no capitalize the same and calculate the depreciation on total including VAT.
Dear Sumit in case of no input credit, the input tax will form part of cost of asset and will not be considered as expense.
Dear Sumit in case of no input credit, the input tax will form part of cost of asset and will not be considered as expense.
Message likes :
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19 March 2013
Yes Mr Dilip....I Corrected the same......Me too noticed it after I posted the reply.
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