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...
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