Menu
Itc on Fixed assest
Sir, Can i take itc from assest purchase. Purchase Car
Replies (5)
YES U CAN TAKE ITC ON CAR IF THE SAME IS USED FOR BUSINESS PURPOSES AND IN THE NAME OF COMPANY
If u r providing taxable supplies then u can avail ITC on fixed assets ( Car)
car should be used in business otherwise you can't because it is for personal use.
No you cannot avail ITC on Car as per section 17(5). ...
Motor vehicles and other conveyances except when they are used––
(i) for making the following taxable supplies, namely:—
(A) further supply of such vehicles or conveyances ; or
(B) transportation of passengers; or
(C) imparting training on driving, flying, navigating such vehicles
or conveyances;
(ii) for transportation of goods;
Motor vehicles and other conveyances except when they are used––
(i) for making the following taxable supplies, namely:—
(A) further supply of such vehicles or conveyances ; or
(B) transportation of passengers; or
(C) imparting training on driving, flying, navigating such vehicles
or conveyances;
(ii) for transportation of goods;
I agree with pankaj rawat , ITC not applicable on CAR under section 17sub5 of the cgst act 2017
Recent Topic
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
- Return filing for intervening period upto date of
- EPF Withdrawal taxation
- While e filing otp not generating
Related Topics
CAclubindia
