alleryStart learning →ITC on the tax part of capital goods is denied if the person claims
Aa subsidy on it
Ba refund of it
Can exemption on it
Ddepreciation on it
Answer & Solution
Correct answer: D. depreciation on it
Section 16(3) denies credit on the tax part of capital goods when depreciation on it is claimed under the Income-tax Act.
Keep practising GST Time, Value, Place of Supply and Input Tax Credit
Browse all GST Time, Value, Place of Supply and Input Tax Credit questions for CA Inter, or explore more Taxation topics.
Related questions
A firm buys a five-seater car for staff use (tax Rs 1,20,000) and bolted machinery (tax RsWhich service is within the list of blocked credits under section 17(5)(b)?ITC on blocked motor vehicles is allowed when used for imparting training onITC on motor vehicles for carrying persons is blocked if seating capacity is not more thanBanks and NBFCs may opt to avail what share of eligible ITC each month, the rest lapsing?Inputs used for taxable and exempt supplies: credit is limited to the part for taxable supWhere inputs are used partly for business and partly for other purposes, ITC is restrictedIf the supplier is not paid within this period from invoice date, ITC availed must be reve