Income tax on duty credit scrip
Sudha (Chartered Accountant in Practice) (30 Points)
08 May 2017
Are Duty credit Scrips liable for Income Tax?
4 Replies
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 08 May 2017
if you sell the same it is shown as other Income therefore taxed under business or profession
Sudha
(Chartered Accountant in Practice)
(30 Points)
Replied 08 May 2017
If I don't sell and use as Input Tax Credit for the payment of Service Tax or VAT (MP)?
Sudha
(Chartered Accountant in Practice)
(30 Points)
Replied 08 May 2017
If I don't sell and use as Input Tax Credit for the payment of Service Tax or VAT (MP)?
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 08 May 2017
if you want to utilise the scrip against payment of import duty then there is income tax
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