itc on car tyres

Page no : 2

aman goyal (125 Points)
Replied 23 September 2017

tnx a lot sir their is no claim any depreciation for car in my business.
dealer is ready to give me invoice in my firm nane

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 24 September 2017

But here car is published chased on name of assessee not in name of company....

anshul aggarwal (Consultant) (1074 Points)
Replied 24 September 2017

Firm type is proprietorship in which if car is used for business purpose then ITC claim stands valid.

Sekar (Student) (197 Points)
Replied 27 September 2017

Better to avoid taking input, where there is no clarity. Its better to avoid department consequences.Prevention is better than cure.

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 27 September 2017

If car is used for business purpose only then only you will get credit of that ITC.....

aman goyal (125 Points)
Replied 27 September 2017

mam i use it for both personal & business

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 27 September 2017

Then you cant claim ITC

aman goyal (125 Points)
Replied 27 September 2017

ok mam tnx for ur reply

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 27 September 2017

Welcome.......

anshul aggarwal (Consultant) (1074 Points)
Replied 27 September 2017

How is it proved that one vehicle is for business purpose or personal use. All govt. officials are using their vehicles for personal use as well.

1 Like

aman goyal (125 Points)
Replied 28 September 2017

yes sir anshul Aggarwal, but its to confusing about itc on it..

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 28 September 2017

Generally car are not used for business purpose ......

If same is used for hiring, transport of goods from one place to other then only credit available.

aman goyal (125 Points)
Replied 28 September 2017

but mam how its confirm that car is use or not for transportation

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 28 September 2017

We cant say anything what procedure Govt will follow to verify......

1 Like

yash jain (15 Points)
Replied 29 September 2017

i think as said by u that the car is used in both as personal and in firm use , the itc can be utilized partially but using itc partial will make accounting confusing and if some questions arise in future on explanation on it will make more confusing to explain it.So its better to disallow the tax amount and claim full amount including tax amount in expenses in P&L acc.