I have purchased ashok Leyland truck.can i take ITC and set of against payable tax
which rate ? 12 or 18 % on rent income
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Tax rate on ashok Leyland truck rent income
Replies (6)
Quick Summary
If it is for business purposes then only you can claim .
I mean if it is used for providing renting of immovable property then ITC can be claimed
I mean if it is used for providing renting of immovable property then ITC can be claimed
If you claimed ITC, that value will not considered for depreciation computation in forthcoming years
Thank you very much sir which tax rate on rent income 12%or 18%
18%, as rent is a service.
But as goods transport agency I declare 12% out put tax rate what to do
Goods transport service is different and rental service is different. Therefore different rates can be charged
Moreover if trucks are hired to GTA the service is exempt.
There is also a thin line of difference between hire and rent.
Make your contracts carefully
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