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Input tax credit

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 January 2015 whether input tax credit is our income and we are liable to pay tax on that ?? sir please solve my query
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 January 2015 Directly it is not income it is adjusted against output tax payment. Indirectly it adds up your income there by you are liable for income tax.
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Rupesh Jain

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Rupesh Jain (Expert)
19 January 2015 it is not the income its credit to be set againt your liability of tax against relevant act
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