Vat credit from Car and Two wheeler.

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Uma (Querist)
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16 September 2010 We purchased two wheeler and car in the name of our company. Please let me know we can able to take vat credit for the above purchase.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 September 2010 VAT credit cannot be taken on vehicles purchased unless u are a dealer in vehicles.

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Uma

Uma (Querist)
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16 September 2010 Sir,

By mistake, we had taken vat credit for the month of November'09 and Jan'10 on 50% of vat.

Kindly advice, how can we rectify the mistake.

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VINOD ARORA

VINOD ARORA (Expert)
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16 September 2010 You will have to revise your returns of relevant tax periods and also to deposit differential tax payable along with applicable interest.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 September 2010 YOu should revise the figures in the previous year if the accounts have not been closed as yet and pay the taxes as due.