ITC on Insurance
G Venu Prasad (GM) (78 Points)
15 October 2019thanks.
G Venu Prasad (GM) (78 Points)
15 October 2019
CA Vivek chaudhary
(Delhi)
(1339 Points)
Replied 15 October 2019
Credit of vehicles will be allowed only when if it is not a passenger transport vehicle having capacity of 13 or less and used for business purpose subject to condition of section 16 that you have not claimed depreciation on tax component under Income tax act.
And in case of workers insurance as per section 17(5) credit will be allowed only when taking of insurance for worker is mandatory for such type of business under any law.
CA Vivek chaudhary
(Delhi)
(1339 Points)
Replied 15 October 2019
For further clarification you read my article from below cited link:-
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)