Ramachandran R 24 November 2020
Hi all,
I have the following doubt on calculating interest for the tax liability.
Let consider tax amount is 10000 & ITC available is 5000.
Should I calculate interest after reducing ITC or should calculate interest for full tax amount of 10000
Thanks in adavnce
Aditi Kaur (Practising CA) 25 November 2020
CCI Online Learning offers a library of courses for CA/CS/CMA Aspirants from the best faculties in India. Our top notch courses aim to make your journey from a student to a professional, a successful one. To promise a successful career as a professional CCI Online Learning also offers programs like Financial Modeling, MS Excel, IFRS/IND AS Certification Courses that will help you take your career to the next level. Check out the free demo videos here https://www.caclubindia.com/coaching/
Deepak Bhatt 24 November 2020
Calculate after deducting ITC.. Interest is leviable on net cash liability.
jayendra Gaonkar (Asst. Manager) 25 November 2020
please read before proceeding https://gstindianews.info/gst-late-fees-returns-payments-wrong-itc-reversal-notifications/#grossnet
Stay updated with latest Discussion!
Member Strength 32,90,188 and growing..
CAclubindia
