TMI BlogIncome tax benefit & CENVAT creditX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear sir We are 100% job worker from 2006 onwards. We have taken income tax benefit regarding tax parts. For example, we have imported machinery and paid for customs duty(excise duty) This dut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y is going to expenses. not assets. (taken depreciation from basic + duty ) We have a plan to manufacture own brand. So, we want to take CENVAT credit. I've heard we can change only 1 year back ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income tax return as per Income Tax Act,1961 then our CENVAT credit amount is 50,00,00Rs. If we can change from 2006 onwards, then our CENVAT credit amount is 2 crore. Is it possible to put 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crore as a CENVAT credit amount and reverse 2 crore amount depreciation one time this financial year? If this is possible, we want to reverse all income tax benefit(Depreciation from total amount)an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d take the CENVAT credit. - Reply By pradeep khatri - The Reply = Though, this is possible but this action may lead to unwanted litigation. It is advisable to get an opinion from the outside consul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tant after discussing all material facts. - Income tax benefit & CENVAT credit - Query Started By: - yujin kim Dated:- 16-8-2011 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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