Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Intermediary service classification fails where overseas admission facilitation is supplied independently, preserving export treatment and small-provi...
Satellite transponder bandwidth is telecommunication, not Business Support Service; foreign non-telegraph providers triggered no service tax liability...
The circular addresses the entitlement of Input Tax Credit (ITC) by insurance companies on repair expenses for motor vehicles in reimbursement mode of claim settlement. It clarifies that ITC is available to insurance companies for repair expenses reimbursed to insured, even if the garage issues invoices in the insured's name. ITC is permissible as the insurance company is the recipient of the repair services, covering the repair liability. The extent of ITC depends on the approved claim cost reimbursed. If excess amount invoices are issued, ITC is available on the approved claim cost reimbursed. However, if full invoice amount is paid to the garage but only approved cost is reimbursed to insured, ITC is limited to the approved claim cost. If the repair invoice is not in the insurance company's name, ITC is not available.
The circular addresses the entitlement of Input Tax Credit (ITC) by insurance companies on repair expenses for motor vehicles in reimbursement mode of claim settlement. It clarifies that ITC is available to insurance companies for repair expenses reimbursed to insured, even if the garage issues invoices in the insured's name. ITC is permissible as the insurance company is the recipient of the repair services, covering the repair liability. The extent of ITC depends on the approved claim cost reimbursed. If excess amount invoices are issued, ITC is available on the approved claim cost reimbursed. However, if full invoice amount is paid to the garage but only approved cost is reimbursed to insured, ITC is limited to the approved claim cost. If the repair invoice is not in the insurance company's name, ITC is not available.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
