Input Tax Credit (ITC) is a mechanism that allows businesses to claim credit for the tax they’ve paid on their purchases. Input Tax Credit in GST ensures that companies are only taxed on the value they add at each stage of the supply chain, not on previous stages of production. By usi...
This includes the value of all standard-rated (GST at 8%) and zero-rated (GST at 0%) supplies but it excludes exempt supplies, out-of-scope supplies and the sale of capital assets. For the purpose of determining your liability for GST registration, the value of exempt supplies that are...
The Tribunal observed that the Commissioner did not submit that income tax cases on the capital/revenue distinction should be wholly disregarded and both parties referred to the concept which has evolved in the cases of the mere realisation of an asset in an enterprising way being on capital acco...
Overview on bonds under Section 54EC & Taxation aspects Section 54EC bonds, commonly known as capital gain bonds, are an effective way for investors to save on long-term capital gains (LTCG) tax. If you sell a capital asset like real estate, shares, or other qualifying assets and make a...
As under the block concept of depreciation, when the lessee sells the capital assets, the sale proceeds including the profits on sale are allowed to be deducted from the block of assets and hence there is no immediate tax on the accounting profits. Also, typically the asset is recorded on ...
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Capital assets or stock in trade: Analysis of Section 9B of Income-tax Act, 1961 and Clause 8 of Income Tax Bill, 2025 Analysis of Deemed Accrual of Income in India: A Comprehensive Review of Clause 9 of Income Tax Bill, 2025 Income Deemed to Accrue or Arise in India: A Comparative An...
5.How do I claim Input Tax Credit (ITC) for the purchase of capital goods? There is no separate process for claiming ITC for the purchase of capital goods. The tax paid on the purchase of capital goods is added to the e-credit ledger, which can be used for input credit at any time...
(including any interest, fine, penalty or addition to Tax imposed by a taxing authority in connection with such Taxes) based upon operation or ownership of the Assets or the production of Hydrocarbons therefrom but excluding, for the avoidance of doubt, (a) income, capital gains, franchise and...
Purchase of Capital Goods with GST in Tally.ERP9 Purchase of Capital Goods with GST in Purchase Voucher (F9) in Tally.ERP9 Purchase of capital goods are recorded as fixed assets and is taxable. Input tax credit can be availed. You can record taxable purchases of fixed assets (capital good...