Duties and Taxes Showing negative Balance [URGENT]

2592 views
User Avatar

Accountant
32 Points Posted on 01 September 2021

Duties and taxes are still showing negative balance even after inputting details of tax paid.(-1217.74).

What to do? 

0 Reply Share Follow
On 01 September 2021 at 09:09 Report
Replies (4)
Quick Summary
A user is experiencing a persistent negative balance (-1217.74) in their duties and taxes account, even after entering tax payment details. Suggestions include checking for software bugs, ensuring all late fees and interest payments are accounted for, and verifying that Input Tax Credit (ITC) is correctly configured, as an excess ITC could lead to this issue.

User Avatar

My grammar is 💯 good I
7306 Points Posted on 01 September 2021

Get your IT guy check out, or else your data entries please. There could be.a bug in the software.

Reply
On 01 September 2021 at 09:35
User Avatar

Practising CA
8954 Points Posted on 01 September 2021
You could have paid interest late fees which are not accounted.
Reply
On 01 September 2021 at 10:00
User Avatar

Accountant
32 Points Posted on 01 September 2021

I accounted the interest and late fee sir.

Reply
On 01 September 2021 at 10:21
User Avatar

Sr Manager Finance and Taxation
146 Points Posted on 14 September 2021

Please check whether you have configured ITC Credit also under Duties and Taxes, If so, Your ITC is higher than Liabilities payable

1 Reply
On 14 September 2021 at 13:45

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Need advice regarding accounting fees
  2. Is it possible to get a refund for an accidental o
  3. ITR-3 Section P&L - speculative income - no bo
  4. Foreign Assets reporting
  5. Build corpus in HUF
  6. Queries with the new form 144
  7. Updating form 10-ee and Schedule FA if there is ch
  8. Sale of property in SLUM area ....SRA
  9. GST applicability on Shipping charges
  10. Outstanding Demand in Income Tax: How To Respond?

More recent discussions | Post

Related Topics :

Loading