ITC Claim on laptop

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2 Points Joined May 2019
whether a firm can claim ITC on laptop purchased for business use?? and claim depreciation from coming years?
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On 15 February 2021 at 20:41 Report
Replies (13)
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Accountant
80 Points Joined January 2021
As per my opinion, you can claim for both. Depreciation is applicable on Taxable amount only.
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On 15 February 2021 at 21:38
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practice as advocate
111 Points Joined January 2015
Yes you can claim both the things i.e itc and depreciation but you can claim full depreciation if you purchased your laptop before completion of first 6 months of this financial year otherwise you are only eligible to claim half of the depreciation.
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On 16 February 2021 at 00:18
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GST Consultant
15986 Points Joined March 2013
You can either claim itc or depreciation. you cannot claim both at the same time
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On 16 February 2021 at 00:33
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28159 Points Joined May 2017
You can claim ITC...
DEPRECIATION IS AN INFLOW.
SO IT CAN ALSO BE CLAIMED.
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On 16 February 2021 at 10:24
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Chartered Accountant
414 Points Joined October 2020
Yes u can claim gst on laptop purchased for business purpose but make sure that only taxable value will be capitalised in fixed assets and claim gst itc in 3B.. in that case u can also take depreciation on the amount of laptop capitalised in books..i.e. taxable value...
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On 16 February 2021 at 13:25
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28159 Points Joined May 2017
Obviously taxable invoice is only permitted.
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On 16 February 2021 at 13:29
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FINANCE OFFICER
580 Points Joined July 2012

yes you can claim itc of gst and depreciation on basic value but remember to take only basic value in assets and not gst value.

computer a/c        dr        100

gst ac dr.                            18

to bank or creditor                                 118

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On 16 February 2021 at 17:48
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28159 Points Joined May 2017
Obviously you can claim itc of gst.
But whatever you hv mentioned remain restricted to the query.
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On 16 February 2021 at 23:48
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Chartered Accountant
686 Points Joined February 2020

you can take ITC of the GST amount paid on the purchase of laptop. But, in case ITC is taken then depreciation is not available on this GST amount.

For Eg.
laptop value is 1000 and GST is 100
you may claim ITC of 100 and depreciation is then available on 1000 only. in case you dont claim ITC then depreciation is available on whole 1100.

hope this clarifies.

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On 18 February 2021 at 14:19
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Chartered Accountant
686 Points Joined February 2020

you can take ITC of the GST amount paid on the purchase of laptop. But, in case ITC is taken then depreciation is not available on this GST amount.

For Eg.
laptop value is 1000 and GST is 100
you may claim ITC of 100 and depreciation is then available on 1000 only. in case you dont claim ITC then depreciation is available on whole 1100.

hope this clarifies.

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On 18 February 2021 at 14:19
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Chartered Accountant
12739 Points Joined December 2016

ITC can be claimed on LAPTOP 

and depreciation will be allowed on value of asset (net of ITC) 

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On 19 February 2021 at 20:59
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28159 Points Joined May 2017
Depreciation can be claimed net of itc
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On 20 February 2021 at 08:34
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accountant
103 Points Joined May 2017

good explain with the example 

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On 26 March 2023 at 15:23


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