If a company is not taking input vat credit, can it add it to cost of asset and take depreciation on it ?I read no depreciation can be claimed on input VAT but i feel its applicable only when company takes input vat credit seperately....Eg) 1,00,000 asset value and 4000 VAT ...Company not taking credit of input paid...commpany shows 104000 assett value and depreciation on it in depreciation schedule...itts correct no?
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Replies (5)
yes depreciation can be claimed
Depreciation can be claimed
i have seen many pvt. ltd. companies doing this
okk...i too feell depreciation ccaan be claaimed iff they don takkee inpuutt vat credit........i got a dooubt as i read sommewhere noo depre on innput vatt , duttyy , cess ettc..........but ddat ill bbe cases wwhere wee takkee innpput vat,i feeel
@ Riya.. U r Right... Also Think Practically.... Dept. shall let u take only one benefit .. Either claim Dep or Input Tax credit....
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