Tax levied on sale of second hand car in upvat
This query is : Resolved
21 February 2018
Sir,
We are into the manufacturing of agriculture machinery in UP...in the year 2014-15. we made a sale of car which was being used for the partners for the last 5 years..we were charging depreciation on the same...
the product we manufacture was exempted in upvat and so we didnot get the ITC...
now we are being asked by the authority to pay the tax amount on the sale of that second hand car...
are we liable for the same?
Please let me know..as it will lead to a hevy amount of tax
We are into the manufacturing of agriculture machinery in UP...in the year 2014-15. we made a sale of car which was being used for the partners for the last 5 years..we were charging depreciation on the same...
the product we manufacture was exempted in upvat and so we didnot get the ITC...
now we are being asked by the authority to pay the tax amount on the sale of that second hand car...
are we liable for the same?
Please let me know..as it will lead to a hevy amount of tax
20 October 2020
Have you paid the tax on sale of old car
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- SFT Cash Deposit in Current Account
- Annual return in Gst
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
