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In summary, ITC on demo vehicles is eligible except when they are used for other purposes than making supplies such as staff transport or marketing services where the dealer acts as an agent.
📢 Thread: Is the Income Tax Act of 1961 getting repealed? 😲
Why is this happening? What’s next? And will CAs still be needed to help businesses navigate Income Tax? Let’s dive in! 👇
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All in all, what we can do is only HOPE that this new law, benefits our country.
Follow T4Tax for more updates. If you need any GST/Income Tax support, visit our Fiverr page link - https://t.co/xU2p4iteSf
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📢 Thread: Is the Income Tax Act of 1961 getting repealed? 😲
Why is this happening? What’s next? And will CAs still be needed to help businesses navigate Income Tax? Let’s dive in! 👇
#ca#charteredaccount#incometax#NirmalaSitharaman#finance#fm
GST repealed multiple indirect tax laws, a lot of concepts that previously existed are almost redundant now and a lot of new concepts have come into the picture. DTC is not expected to bring as many changes to the fundamental concepts of the existing Income Tax law.