ITC on Four Wheeler motor vehicle
This query is : Resolved
Quick Summary
Satish Mehra
(Querist)
29 July 2024
1- Can ITC be available on purchase of a four-wheeler motor vehicle if it is solely purchased to give it on a contract basis to companies?
2- If it is used as Taxi and given to companies on a contract basis.
2- If it is used as Taxi and given to companies on a contract basis.
CA R SEETHARAMAN
(Expert)
29 July 2024
1 and 2 Yes if GST charged on contract receipt.
Satish Mehra
(Querist)
29 July 2024
And sir how to show this income in Income Tax.
1- Can we show these receipts (car on contract) u/s 194c in 44AD with 25-30% profit...
1- Can we show these receipts (car on contract) u/s 194c in 44AD with 25-30% profit...
CA R SEETHARAMAN
(Expert)
29 July 2024
Yes, no problem...
...
...
Satish Mehra
(Querist)
29 July 2024
thank you very much sir
CA R SEETHARAMAN
(Expert)
29 July 2024
You are welcome...
...
...
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- Section 269ST applicability for capital introduced by partner to his partnership firm
- TDS- 2026-27 Q1 Correction
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- 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
- 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
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
