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ITC on Four Wheeler motor vehicle

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online (Querist)
29 July 2024 1- Can ITC be available on purchase of a four-wheeler motor vehicle if it is solely purchased to give it on a contract basis to companies?
2- If it is used as Taxi and given to companies on a contract basis.
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CA R SEETHARAMAN online

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CA R SEETHARAMAN online (Expert)
29 July 2024 1 and 2 Yes if GST charged on contract receipt.
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Sarcastic Aloo online

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Sarcastic Aloo online (Querist)
29 July 2024 And sir how to show this income in Income Tax.
1- Can we show these receipts (car on contract) u/s 194c in 44AD with 25-30% profit...
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CA R SEETHARAMAN online

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CA R SEETHARAMAN online (Expert)
29 July 2024 Yes, no problem...
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