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Notification No.10/2008

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09 June 2009 The notification No.10/2008 provides for maintenance of separate books of accounts for availing of input credit with respect to taxable and exempt services. What does separate books of accounts mean as per notification?

Maintain separate tally for both Taxable and exempt services, else is it fine if we are able to segregate the expenses with regard to the taxable and exempt services.Can it be having the data in excel sheet where the expenses are properly segregated between exempt and taxable services????

Is there some material to substantiate the same?

Kindly reply at the earliest. Very urgent

Thanks.
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Madhukar N Hiregange

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Madhukar N Hiregange (Expert)
10 June 2009 Nothing prescribed. However segregating the same as per costing principales in my perosnal view should suffice.
Not much substance but the fact that the SC recognises the professional competency of the ICWAI.
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