Vat credit from Car and Two wheeler.
This query is : Resolved
16 September 2010
We purchased two wheeler and car in the name of our company. Please let me know we can able to take vat credit for the above purchase.
Aditya Maheshwari
(Expert)
16 September 2010
VAT credit cannot be taken on vehicles purchased unless u are a dealer in vehicles.
Message likes :
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16 September 2010
Sir,
By mistake, we had taken vat credit for the month of November'09 and Jan'10 on 50% of vat.
Kindly advice, how can we rectify the mistake.
By mistake, we had taken vat credit for the month of November'09 and Jan'10 on 50% of vat.
Kindly advice, how can we rectify the mistake.
VINOD ARORA
(Expert)
16 September 2010
You will have to revise your returns of relevant tax periods and also to deposit differential tax payable along with applicable interest.
Aditya Maheshwari
(Expert)
16 September 2010
YOu should revise the figures in the previous year if the accounts have not been closed as yet and pay the taxes as due.
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