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TAX on RCM

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(Querist)
16 March 2024 Please let me know whether TAX on RCM paid is expense or Asset. Please me know how to pass the entry in books of account.

Prakash Menon
Accountant
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RAJA P M

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RAJA P M (Expert)
16 March 2024 It's not on expenses nor Asset...
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 March 2024 In case ITC claimable on RCM paid keep it under current assets.



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RAJA P M

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RAJA P M (Expert)
17 March 2024 Yes, it's no effect. Bcoz, It's tallied after book under RCM of Liability and ITC.

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