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Input credit

ITC / Input 211 views 5 replies

AKASH A

7 Points Joined August 2017

experts pls advice me am an accountant in proparitor ship co.
my boss brought a car on his name for personal use
now my question is can I take input credit and can I take in tally if yes then what is the entire In tally

if no Pls Explin me y

thanks and regards
Akash ...

Replies (5)

Nivesh tater

Tax Executive at Mazars India Bangalore

205 Points Joined February 2011

Dear pls refer to section 17(5)(a) where credit on motor vehicle can be taken only when :
a) -where he is dealer of vehicles
- where it is used for transportation of passengers
- where it is used for training
b) Transportation of goods.

In your case it doesn't fit in the above clauses, the input tax credit couldn't be considered.

Shivam RC

Student

23688 Points Joined November 2017

Agree with the above comments...

You cannot take ITC on Motor Vehicle purchased by your Boss since it is Blocked under SECTION 17 (5).

SECTION 17 : Apportionment of Credit and BLOCKED CREDIT...