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TMI BlogInsurence claim for Replacement of AssetX X X X Extracts X X X X X X X X Extracts X X X X ..... What will be the tax treatment for the insurance claim received for the replacement of asset damaged along with the claim received to compensate the loss due to damage ? - Reply By Pradeep Khatri - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Reply = If you had aviled the benefit of CENVAT credit on such assets, then, in this scenario you would have to reverse it proportionately by deducting the depreciation @ 2.5% per quarter. - Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply By Usha Mani - The Reply = Under VAT Act and Rules, the VAT input credit availed should be reversed on prorata basis. Normally, input tax credit is availed over a period of 3 years. The rates wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be 50% during first year, balance 50% in the second and third year. If the loss is during the third year 25% of the input credit can be reversed. Incase it has already been adjusted, it should be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid back to the Governmnet. Thanks and Regards R USHA - Reply By Dinesh Sagade - The Reply = Thanks for your opinions.... bur I was expecting the opinions fron Income Tax point of view... ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxability of the insurance claim received for Replacament of asset that received towards the loss of asset damage. - Insurence claim for Replacement of Asset - Query Started By: - Dinesh Sagade ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated:- 21-5-2012 Income Tax - Got 3 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 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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