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
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itc on car tyres
But here car is published chased on name of assessee not in name of company....
Firm type is proprietorship in which if car is used for business purpose then ITC claim stands valid.
Better to avoid taking input, where there is no clarity. Its better to avoid department consequences.Prevention is better than cure.
If car is used for business purpose only then only you will get credit of that ITC.....
mam i use it for both personal & business
Then you cant claim ITC
ok mam tnx for ur reply
Welcome.......
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.
yes sir anshul Aggarwal, but its to confusing about itc on it..
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.
If same is used for hiring, transport of goods from one place to other then only credit available.
but mam how its confirm that car is use or not for transportation
We cant say anything what procedure Govt will follow to verify......
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.
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