Automated Data Entry into Tally, Zoho Books, Quickbooks Certificate in Quantitative Finance

Treatment of Credit Note

This query is : Resolved 
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(Querist)
01 June 2023 What should be the ideal treatment of Credit Note? Whether it should be deducted from liability or should enhance the ITC?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 June 2023 It should be deducted from liability.
ITC reversal required.
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Rakesh Mishra

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Rakesh Mishra (Querist)
08 June 2023 Thank you very much for your kind gesture of sharing valuable time


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