Clause 36 : Relates to amendments in case of Section 80-IAC of the Income Tax Act which comprises of special provisions provided to specified businesses.
CONDITIONS TO BE FULLFILLED IN ORDER TO QUALIFY FOR THE SAID SPECIFIED BUSINESS :
DEDUCTION ALLOWED :
OPTIONS GRANTED FOR CLIAMING DEDUCTION :
Can be claimed consecutively for 3 Assessment Years beginning from the date of incorporation of such Eligible Business .
Can be claimed consecutively for any 3 Assessment Years amongst the 5 Years .
CONDITIONS TO BE COMPILED FOR THE SAID DEDUCTION :
Following plant and machinery will which was used outside India by any person other than the assessee shall not be regarded as machinery or plant previously used for any purpose, if all the following conditions are fulfilled :
AMENDED PROVISION :
Proposed Areas Of Amendment
Years allowed for deduction.
Any 3 Consecutive A.Y. amongst 5 years .
Any 3 Consecutive A.Y. amongst 7 years .
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Rule 42 and 43 of the CGST rules are applicable for claim of input tax credit wherein the supply is being partly used for the purposes of business and partly for other purposes. In such cases, input tax credit cannot be claimed fully by the taxpayer and part of the input tax credit claim must be reversed. In this article, we look at Rules 42 and 43 of the CGST rules in detail along with procedure for reversing input tax credit claim.
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