TAX on RCM
This query is : Resolved
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PRAKASH MENON
(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
Prakash Menon
Accountant
CA R SEETHARAMAN
(Expert)
17 March 2024
In case ITC claimable on RCM paid keep it under current assets.
17 March 2024
Yes, it's no effect. Bcoz, It's tallied after book under RCM of Liability and ITC.
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