Credit note adjustment

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trainee
151 Points Posted on 23 May 2020
My client is a cement trader. Credit note issue by supplier to client, but not adjusted by the client. Now dept raise demand for fy 17-18,18-19,19-20.
Nkw what I do
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On 23 May 2020 at 09:54 Report
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Quick Summary
A cement trader received a credit note from their supplier but failed to adjust it. This oversight has now resulted in tax department demands for multiple financial years. The client needs to reverse the credit note amount and pay the outstanding demand, which will include penalties. Guidance is provided on how credit notes can be reflected in annual filings or September returns.

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36 Points Posted on 23 May 2020
Client had to reverse the amount. now pay demand which shall be equal to amount wrongly availed plus penalty
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On 23 May 2020 at 16:09
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trainee
151 Points Posted on 24 May 2020
Credit note can show upto annual filing or sep month return
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On 24 May 2020 at 00:36

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