9911796707
TMI BlogInsurence claim for Replacement of AssetX X X X Extracts X X X X X X X X Extracts X X X X ..... Insurence claim for Replacement of Asset X X X X Extracts X X X X X X X X Extracts X X X X ..... reatment 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 avi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led 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: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Under 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, bala ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce 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. Than ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ks 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Replacament of asset & that received towards the loss of asset damage. X X X X Extracts X X X X X X X X Extracts X X X X
|
