ITC on Electricals Goods
Jatin (Accountant) (3479 Points)
04 June 2018
Can i take ITC on electrical goods like wire, switches, MCB etc
9 Replies
Vinod Babu
(24191 Points)
Replied 04 June 2018
Yes itc can be claimed if used for furtherance of business.
Jatin
(Accountant)
(3479 Points)
Replied 04 June 2018
Wire, switches, MCB etc. expenses booked as capital expenditure (new office interiors expenses)
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 04 June 2018
Dear Jatin.,
The above said new office is Your own building (Capital asset / Immovable property) or Rented premises...?
The above said new office is Your own building (Capital asset / Immovable property) or Rented premises...?
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 04 June 2018
If rented premises then YOU CANNNNNNNN
CA Padmasri Manyam
(CA in Practice)
(1340 Points)
Replied 04 June 2018
Inward supply of works contract services in relation to immovable property (except P&M) is not eligible for input tax credit, unless you are engaged in providing works contract services.
Works contract referred here includes renovation, additions or alternations, to the extent of capitalisation, to the said immovable propery. In case the same is not capitalised in the books of accounts, then there is no restriction in taking ITC.
Your case you said that you have capitalised. Hence, no ITC.
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 04 June 2018
No more restriction for repairs and maintenance of rented premises...
Also can be book the above said electrical goods like wire, switches, Mcb and others in Fixed Assets and ITC will be allowed...
*** In case it's own property then only we will going to consider the above said rules...
Also can be book the above said electrical goods like wire, switches, Mcb and others in Fixed Assets and ITC will be allowed...
*** In case it's own property then only we will going to consider the above said rules...
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