experts pls advice me am an accountant in proparitor ship co.
my boss brought a car on his name for personal use
now my question is can I take input credit and can I take in tally if yes then what is the entire In tally
if no Pls Explin me y
thanks and regards
Akash ...
Menu
Input credit
Replies (5)
Dear pls refer to section 17(5)(a) where credit on motor vehicle can be taken only when :
a) -where he is dealer of vehicles
- where it is used for transportation of passengers
- where it is used for training
b) Transportation of goods.
In your case it doesn't fit in the above clauses, the input tax credit couldn't be considered.
a) -where he is dealer of vehicles
- where it is used for transportation of passengers
- where it is used for training
b) Transportation of goods.
In your case it doesn't fit in the above clauses, the input tax credit couldn't be considered.
Agree with the above comments...
You cannot take ITC on Motor Vehicle purchased by your Boss since it is Blocked under SECTION 17 (5).
SECTION 17 : Apportionment of Credit and BLOCKED CREDIT...
You cannot take ITC on Motor Vehicle purchased by your Boss since it is Blocked under SECTION 17 (5).
SECTION 17 : Apportionment of Credit and BLOCKED CREDIT...
Yes, ITC on motor vehicle cannot be claimed.
If Proprietorship Firm then You ll book the Total Value of Car under Asset Head without ITC.
Thanks a lot experts
Recent Topic
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
Related Topics
CAclubindia
