New Purchase Machine for my Business purpose only.
Taxable value : 22,00,000/-
IGST: 3,96,000=00
TOTAL : 25,96,000=00
NO ITC Claim only depreciation right..
Which amount show in fixed assets side in Balance sheet in Plant and machinery group.
1. Total RS. WITH GST: 25,96,000=00
2. WITHOUT GST : 22,00,000=00
XYZ COMPANY CR. 25,96,000=00
DR. PLANT AND MACHINERY : 22,00,000/-
DR. IGST RS. 3,96,000=00
DEPRECIATION HOW TO USE IN INCOME TAX.
1 YEAR
2 YEAR
???????????
Since you are not claiming ITC of Gst paid on machinery , the total amount including Gst is to be shown under plant and machinery in balance sheet.
in income tax depreciation on plant and machinery at 15% on wdv bases will be 1st year 389400 used for more than 180 days , 2 year 330990.
CAclubindia
