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.
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