input tax credit
This query is : Resolved
27 November 2008
whether car is eligible capital goods to claim input tax credit if no what is the accounting treatment for input tax & output tax on Purchase & sale of car
Reetika Goel
(Expert)
27 November 2008
In the definition of Input, Motor car is specifically excluded.
However, in explanation if u are using the motor car within your premises then its input tax credit can be claimed.
However, in explanation if u are using the motor car within your premises then its input tax credit can be claimed.
CA Nitin Wadhwani
(Expert)
27 November 2008
ITC on Car is disallowed.
Input Tax is included in cost of purchase of car.
there is not output tax on sale of car.
Input Tax is included in cost of purchase of car.
there is not output tax on sale of car.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
