Input Tax Credit on Capital Goods under Punjab VAT Act, 2005.

0 comments Saturday, May 28, 2011

I have received a querry relating to admissibility of ITC on capital goods. I have replied to it and considering the matter of concern for dealers at large in Punjab. I am sharing herebelow the full conversation.

Question: Dear Mr Bajaj,

As per our telephonic talk today I am submitting my query to you for your comments :
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Scope of Rule 114B regarding furnishing of PAN in certain transactions extended

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As per the new amendment in rule 114B of Income Tax Rules, now PAN will also have to be furnished in respect of payment of LIC premium of aggregating Rs. 50000 or more in a year. PAN will also be required to be furnished while making payment to a dealer of Rs. 5 Lakh or more or against a bill of Rs 5 Lakh or more for purchase of bullion or jewellery. The word Dealer has been mentioned in newly added clause (r) to Rule 114B, but who will be considered as dealer is a question to be asked, since no corresponding explanation defining the word dealer has been added in the rule.

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