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.
Menu
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
Recent Topics :
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
- Why are foreign investors suddenly buying Indian s
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
Related Topics :
CAclubindia
