input tax credit on wrist watch
prasad rathi (2 Points)
10 October 2017
If an individual buy a wrist watch on the name of business,then he can avail input tax credit.
9 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 10 October 2017
No....
ITC not available for own USE....
ITC not available for own USE....
sai tax solutions chennai
(proprietor)
(112 Points)
Replied 23 October 2017
I think no such restrictions to take ITC on any purchases except negative list like vehicles and restaurant bills
Experts pls clarify
Prachi Bansal
(3129 Points)
Replied 29 April 2021
What all does the negative list include? Please clarify?
MSB GANESH
(6 Points)
Replied 01 December 2021
Can we take input tax credit of wrist watch on the name of business?
Rajendra Prasad
(Employee Private)
(1860 Points)
Replied 01 December 2021
If any goods purchased and used for the purpose of personal usage, then the ITC is not available. Hence ITC on Wrist Watch is not available.
MSB GANESH
(6 Points)
Replied 02 December 2021
If watch used for business purpose then input tax credit applicable?
sai tax solutions chennai
(proprietor)
(112 Points)
Replied 02 December 2021
If value is less than 5k then you can justify it is given as gift to employee. if value more than 5k then you need to justify how it is used for business furtherance
MSB GANESH
(6 Points)
Replied 02 December 2021
If watch value Rs.600000/- for business use then is it applicable input tax credit ?
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