Menu
Itc on vehicle
if bike is purchased for business purpose ie for wholesale of medicines business then itc is allowed on it or not
Replies (13)
Quick Summary
. Allowed
Not allowed.
As per sec 17(5), no ITC allowed for vehicles having seating capacity below 10.
As per sec 17(5), no ITC allowed for vehicles having seating capacity below 10.
As per law sec17(5) its not allowed but practically its allowed.Am I right?
Ofcourse itc allowed ..if bike is for business purpose.
If its allowed then for a partnership firm the vehicle is to be registered in the name of firm or partner
How it's allow
Plz guide me as its urgent
Dear it's not allowed
Not allowed in any condition as act does not permit.
Not allowed in any condition as act does not permit.
| Originally posted by : Jyoti Narang | ||
 |
As per law sec17(5) its not allowed but practically its allowed.Am I right? |  |
Strict Interpretation of Law shall be done.
| Originally posted by : Jyoti Narang | ||
|
As per law sec17(5) its not allowed but practically its allowed.Am I right? | |
Strict Interpretation of Law shall be done in these case so reading the provision under 17(5) restricts ITC on Motor vehicle used for transportation of passenger and Not the Motor vehicle used for transportation of Goods. In your case you shall capitalise the Bike and claim ITC.
Ok thanks
Recent Topics :
- HUF AFFIDAVIT vs HUF DEED - REQUIREMENTS & STA
- Free Pre-Filing Tool to Match GSTR-3B vs GSTR-2B (
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
- Register on Income Tax as CA
- Deduction In Employee Provident Fund
- This is a gift for all Chartered Accountants and P
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Wallet query for GST.
- 25-26 exempted sales
Related Topics :
CAclubindia
