Wrongly Caimed ITC Reversal Interest Calculation
This query is : Resolved
11 July 2020
Hello Sir, Please help me with this query.
1- month 2- E. Credit Ledger - Due to extra input taken 3- Original Input to be claimed for the month 4- Tax liability for that month
1 - 2 -3 - 4
Dec - 20Lakhs - 2Lakhs - 3lakhs
Jan - 19(last month) - 2lakhs - 3Lakhs
Feb- 18(last month) - 3.5 lkhs - 2Lakhs
Mar- 19.5(lst month) -1.5 lkhs - 3Lakhs
Interest Calculation . Please Help.
1- month 2- E. Credit Ledger - Due to extra input taken 3- Original Input to be claimed for the month 4- Tax liability for that month
1 - 2 -3 - 4
Dec - 20Lakhs - 2Lakhs - 3lakhs
Jan - 19(last month) - 2lakhs - 3Lakhs
Feb- 18(last month) - 3.5 lkhs - 2Lakhs
Mar- 19.5(lst month) -1.5 lkhs - 3Lakhs
Interest Calculation . Please Help.
11 July 2020
Can the total tax liability of 2 lakhs in Dec. and Jan. be set off against the extra input of Rs. 1.5 lakhs in the month of Feb. If yes, does it mean the interest calculation on Rs. 1.5 lakhs be also calculated only until the month of Feb.???
11 July 2020
restate your exact issue - OB ,incorrect credit,correct credit,CB,tax liability.Interest calculation will be on monthly basis.
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