Welcome to your Ch 21: Input Tax Credit (36 to 40)
36. Input tax credit of tax paid on the..
37. Examine the following statements
(i) An insurance company can claim credit of reinsurance.
(ii) A building contractor can claim credit onconstruction of building which is put on sale.
38. Examine the following statements
(i) Goods disposed of by way of gift. ITC shall be reversed.
(ii) Services (Free air tickets) disposed off by way of gift. ITC shall be reversed.
39. Examine the following statements
(i) Goods lost due to floods in Kerala. ITC shall be reversed.
(ii) Goods lost due to evaporation in air. ITC shall be reversed.
40. Examine the following statements
(i) Company procures health insurance services for benefit of its employees which is mandatory
under Factories Act. ITC is available on such health insurance services?
(ii) Company provides laptop and mobile phones to it’s employees. ITC is available on such laptop and mobile phones.
