Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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This circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers of motor vehicles. Key points are: ITC is available on demo vehicles used for demonstrating features to potential buyers as they promote further supply of such vehicles. However, ITC is blocked if demo vehicles are used for staff transportation. For dealers acting as agents providing marketing services, ITC is blocked as they are not making further supply. Capitalization of demo vehicles doesn't impact ITC eligibility, but depreciation claimed under Income Tax Act will block ITC. On subsequent sale of capitalized demo vehicle, reversal provisions apply. The circular aims to ensure uniform implementation across field formations.
This circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers of motor vehicles. Key points are: ITC is available on demo vehicles used for demonstrating features to potential buyers as they promote further supply of such vehicles. However, ITC is blocked if demo vehicles are used for staff transportation. For dealers acting as agents providing marketing services, ITC is blocked as they are not making further supply. Capitalization of demo vehicles doesn't impact ITC eligibility, but depreciation claimed under Income Tax Act will block ITC. On subsequent sale of capitalized demo vehicle, reversal provisions apply. The circular aims to ensure uniform implementation across field formations.
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