what will be the accounting entry if we reverse the ITC due to rule 43, ie; reversal of credit of capital good which is used for taxable as well as exempted purpose.
which account should be debited at the time of reversal of said credit.
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Accounting Treatment of ITC reversal
Replies (4)
Quick Summary
ITC Reversal A/c Dr.
ITC reversal under which head ??
Fixed asset ???
Fixed asset ???
Pass the following Entry:
Reversal of ITC** Dr
To ITC Cr.
**create the head "Reversal of ITC" under Expense
Reversal of ITC** Dr
To ITC Cr.
**create the head "Reversal of ITC" under Expense
But i think it should be capitalized since it belong to Capital asset
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