23 June 2024
A partner of the firm bought a software online using his personal money and then transferred it to the firm through capital account. the website did not have any facility to give gst details, and because it was intented to be used by the firm, an account was opened in firm's name. but the invoice that got generated have the following details: Sold to: Firm name ( picked up from account details) partner name ( picked up from billing details) partner address (billing details) Now, will firm face any penalty from gst department? Can the the firm claim depreciation on the software in itr?
CAclubindia
