30 August 2010
I purchase 8 Moter Cycle @ 100 each ant vat is @ 12.5 each and i claimed ITC 100 (100*12.5%*8). Next month I transfer 1 Moter Cycle to Fixed Assets. what is the cost of Fixed Assets. i hear that when i purchase Fixed Assets then i can't claim ITC on Moter Cycle. But i claim ITC on purchase. what all entry will be doen by me.
CAclubindia
