Jayanta Bandyopadhyay (291 Points)
18 January 2022I am having a small trading business of toys and regularly file GST return. However, business income is not much,,hence no income tax is payable.
If I buy laptop for office work in the name of business firm, will I be able to save any tax benefits.
Please guide.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(4244 Points)
Replied 18 January 2022
For claiming the input credit under GST while buying laptops for your firm/company, you must get a tax invoice or debit note from a GST-registered laptop supplier. ... The input tax credit is valid when the supplier pays the taxes collected from you, so any claim made by you is matched then validated.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(4244 Points)
Replied 18 January 2022
For claiming the input credit under GST while buying laptops for your firm/company, you must get a tax invoice or debit note from a GST-registered laptop supplier. ... The input tax credit is valid when the supplier pays the taxes collected from you, so any claim made by you is matched then validated.
CA Puja Sharma
(Chartered Accountant)
(4995 Points)
Replied 18 January 2022
Yes, you can purchase the laptop in the name of the business. Give your GSTIN at the time of purchase of the Laptop. This will help you to take the ITC benefit of GST.
Further, depreciation can help in taking the benefit under Income Tax
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