ITC CLAIM ON CAPITAL GOODS FOR SUPPLY OF TAXABLE GOODS
This query is : Resolved
16 February 2023
Can I claim fully (One Installment) Input Tax Credit on purchase of Capital Goods where the business is completely involved in supply of taxable goods ?
16 February 2023
Yes, eligible.
Message likes :
1 times
16 February 2023
Yes you can take ITC on capital goods fully in the month of purchase itself
Message likes :
1 times
17 February 2023
Thank you Sir for valuable time...I have one more query is that, is there any restrictions for utilize or setoff whole ITC amount towards payments of tax liabilities ?
17 February 2023
There is no restriction. You can setoff in the first month itself
Message likes :
1 times
17 February 2023
Thanks You sir for your valuable response.
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
