Itc
This query is : Resolved
12 July 2018
my uncle has saree business and sitiching business. now he was purchasing a capital asset. Can he get ITC credit on capital asset or not.
Udaya Chandran
(Expert)
13 July 2018
ITC is available if the outward taxable services provided using such asset.
Udaya Chandran
(Expert)
13 July 2018
A composition dealer can't claim ITC.
13 July 2018
Can he convert into Regular scheme and then he can claim ITC credit.
Or is there any solution to claim Itc, because the it's amount is 2lac
Or is there any solution to claim Itc, because the it's amount is 2lac
Udaya Chandran
(Expert)
13 July 2018
If he converts himself to be a regular tax payer, he can take ITC.
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
- EPF ECR NEW FILE SEP 17TH 2026
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- TDS on Fixed Assets purchased
- Capitalgain tax purposes for valuation report compulsory
- Non filing of I T Returns
- Oct 2025 Invoices
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- 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?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
