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ITC of Capital Goods

In case the capital asset is used initially for business purposes but later on for both taxable and exempt. The so called amount calculated by Input Tax Credit Availed - (5% per quarter * No. Of Quarter) is done My question is The resultant figure will then be divided by 60 or (60 - no. of months expired)

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CA Inter

0

06-Nov-20 23:45

31

Answers (1)

Best Answer

Please watch amendments video. After amendment, we do not reduce 5 percent per quarter or part thereof. We divide the total by 60 months


Shiva Teja

Shiva Teja

Faculty

07-Nov-20 12:55