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)
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 Topic
- AIS UTILITY
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
Related Topics
CAclubindia
