Ed-credit, taken twice, - any interest applicable
This query is : Resolved
Venugopala Chary
(Querist)
21 March 2012
Dear Sirs,
i have taken ED credit of a bill, twice in the month of Oct. and made entry reverse (Debit)in Dec. is there any penalty or interest payable to department. if it is payable, under which head i have to pay and what will be the interest rate.
Please help me
i have taken ED credit of a bill, twice in the month of Oct. and made entry reverse (Debit)in Dec. is there any penalty or interest payable to department. if it is payable, under which head i have to pay and what will be the interest rate.
Please help me
CA Nikhil Jhanwar
(Expert)
21 March 2012
From ED I understand it is excise duty, No interest is required to be paid if you although had taken credit but not utilized it and reversed it. Before it was required to pay interest even on unutilized amount in view of various circulars and judicial decision.
But as per Recent Budget 2012 the language of provision has been changed to the effect that if Credit has been taken wrongly but remiaining unutilized and then reversed later on, then no interest is required to be paid..
But as per Recent Budget 2012 the language of provision has been changed to the effect that if Credit has been taken wrongly but remiaining unutilized and then reversed later on, then no interest is required to be paid..
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- GST on reimbursement of expenses
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
