TaxTMI 
TaxTMI 
Insurence claim for Replacement of Asset
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....nsurence claim for Replacement of Asset<br> Query (Issue) Started By: - Dinesh Sagade Dated:- 21-5-2012 Last Reply Date:- 23-5-2012 Income Tax<br>Got 3 Replies<br>Income Tax<br>What will be the tax tr....
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....eatment for the insurance claim received for the replacement of asset damaged along with the claim received to compensate the loss due to damage ? Reply By Pradeep Khatri: The Reply: If you had avil....
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....ed the benefit of CENVAT credit on such assets, then, in this scenario you would have to reverse it proportionately by deducting the depreciation @ 2.5% per quarter. Reply By Usha Mani: The Reply: U....
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....nder VAT Act and Rules, the VAT input credit availed should be reversed on prorata basis. Normally, input tax credit is availed over a period of 3 years. The rates will be 50% during first year, balan....
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....ce 50% in the second and third year. If the loss is during the third year 25% of the input credit can be reversed. Incase it has already been adjusted, it should be paid back to the Governmnet. Thank....
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....s and Regards R USHA Reply By Dinesh Sagade: The Reply: Thanks for your opinions.... bur I was expecting the opinions fron Income Tax point of view...taxability of the insurance claim received for ....
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....Replacament of asset & that received towards the loss of asset damage.<br> Discussion Forum - Knowledge Sharing ....