Cenvat Credit & Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2010
Dear Sir,
What is the meaning of following sentence?
“No Cenvat credit on duty amount if manufacturer claims depreciation on duty - u/s 32 of Income Tax Act.”
I am confused - Can i take the credit on capital goods & can i clam the depreciation on the same ?
Pls help.
Thanks in advance.
What is the meaning of following sentence?
“No Cenvat credit on duty amount if manufacturer claims depreciation on duty - u/s 32 of Income Tax Act.”
I am confused - Can i take the credit on capital goods & can i clam the depreciation on the same ?
Pls help.
Thanks in advance.
18 April 2010
Both cannot be claimed.
18 April 2010
If you are taking cenvat on the capital goods,- you cannot claim the depreciation for the portion as Cenvat claimed
If you are not taking cenavt on capital goods the same can be included as Asset and can be claimed depreciation
If you are not taking cenavt on capital goods the same can be included as Asset and can be claimed depreciation
19 April 2010
agree
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
