A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments ...

Input tax credit (ITC) helps reduce the tax outgo for ... Any retrospective amendment denying the benefit to taxpayers at large is never received well by the industry and is viewed as a retrograde ...

You would be buying that new car; you can always claim tax deduction. Cars completely or partially used for business purposes are assets in themselves, which can be allowed as business expenditure.

A ministerial panel is considering a 5% GST with input tax credit on term insurance plans. The panel, headed by Bihar deputy ...

If you miss this opportunity, then you may lose out on claiming input tax credit (ITC) if any remains to be claimed for FY 2023-24. Needless to say, if you do not get the benefit of claiming input ...

Millions of homeowners still find it hard to regulate the temperature within their homes. In the midst of tax season, there looks to be a solution with some added benefits. Curt Rich, President and ...

Insurers argue that a complete exemption will lead to denial of input tax credit and the increased costs will have to be ...