Capital asset input tax

208 views
User Avatar

79 Points Posted on 27 October 2020
we have bought one car, specifically for business purpose in the name of proprietor, and shown in balancesheet as capital asset. now my query is that can we claim the input tax of the bought car full in the same month or it is to be spread to the 5 years.
0 Reply Share Follow
On 27 October 2020 at 07:03 Report
Replies (2)
Quick Summary
This discussion addresses claiming input tax on a car purchased for business purposes and recorded as a capital asset. The core question is whether the full input tax can be claimed in the same month or if it needs to be spread over five years. It also touches upon the requirement for a tax invoice or debit note to claim input tax credit, particularly when assets are used for rent.

User Avatar

79 Points Posted on 27 October 2020
Thanks for the information vishesh sir
Reply
On 27 October 2020 at 09:30
User Avatar

BUSINESS DEVELOPMENT MANAGER
1697 Points Posted on 27 October 2020

For claiming input tax credit, one must occupy a tax invoice or a debit note ... the same are deployed for rent as per the Section 17(5)(d) of CGST Act, 2017. 

Reply
On 27 October 2020 at 12:41

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidance Required on Filing Fresh Registration und
  2. IT Return Refund Status AY 2026-27
  3. Clarification Regarding Income Tax Demand Notice
  4. Online PAN Download: Check How?
  5. Demand of Late fee/Interest under section 75 of GS
  6. DSC registration on TRACES portal
  7. Can we get registered for MCA if we get a Virtual
  8. DONATION PAYMENT REG
  9. GST IDS Refund – Statement 01A: Invoice Not
  10. TDS deposit code & TDS return

More recent discussions | Post

Related Topics :

Loading